IRS Archives - Page 10 of 10 - Employee Benefits I AP Benefit Advisors

HHS – How to Verify Exchange Subsidy Eligibility

HHS: How to Verify Exchange Subsidy Eligibility HHS (the Department of Health and Human Services) issued a proposed rule outlining the processes they and state regulators will use to verify individuals’ eligibility for federal premium subsidies to purchase health insurance through public exchanges. In order to qualify for tax credits to buy health coverage through […]

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IRS Releases Publications 502 and 503 for 2012 Tax Returns

The IRS released the latest versions of Publications 502 and 503 for use in preparing 2012 tax returns. Publication 502 (Medical & Dental Expenses) describes what medical expenses are deductible by taxpayers on their 2012 federal income tax returns.  Under Code § 213(a), a taxpayer may claim a deduction for certain unreimbursed medical expenses to […]

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IRS and PPACA: New Employer Mandate Guidance

The IRS issued its long awaited proposed rules implementing the employer mandate provisions of the Patient Protection and Affordable Care Act (PPACA) on Friday, December 28th  (Rules here and FAQs here). Under the mandate, a “large employer” (defined as an employer that employs 50 or more full time employees or full-time equivalents (see our prior guidance […]

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The IRS has relaxed PPACA’s $2500 HCFSA cap for non-calendar year HCFSAs

Yesterday the IRS provided some relief for non 1/1 HCFSA plans.   Under current law there is no dollar-limit-cap on HCFSAs.  However, since HCFSAs contain a “uniform coverage provision”, meaning that the entire annual election is made available on the first day of the plan year, employers self-regulate their HCFSAs caps.  Employers that are worried about […]

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IRS Issues Additional/Revised Guidance on W-2 Reporting of Health Benefits

With the release of Notice 2012-9, the Internal Revenue Service (IRS) has given more advice about how employers, benefit plan administrators and others should go about applying the new Form W-2 health benefits cost reporting requirements that were mandated by PPACA.  This latest guidance (23 pages) updates, expands and replaces prior IRS Notices 2010-69 and […]

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