Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 for the 2020 calendar year is due in early 2021. Specifically, reporting entities must: File returns with the IRS by March 1, 2021, since Feb. 28, 2021, is a Sunday (or March 31, 2021, if filing electronically); and Furnish statements to individuals by March [...]
Form W-2 Reporting Requirements The Affordable Care Act (ACA) requires employers to report the aggregate cost of employer-sponsored group health plan coverage on their employees’ Forms W-2. The purpose of the reporting requirement is to provide information to employees regarding how much their health coverage costs. The reporting does not mean that the cost of [...]
On Jan. 19, 2021, the Department of Health and Human Services (HHS) published a Notice of Benefit and Payment Parameters (NBPP) for 2022 that finalized some of the standards included in the proposed notice issued at the end of 2020. The NBPP describes benefit and payment parameters under the Affordable Care Act (ACA) that apply [...]
What seemed at first like a temporary COVID-19-driven work-from-home trend isn't expected to end when health risks are mitigated, some surveys suggest. For example, one-third of employers expect that at least half of their employees will work remotely in the post-COVID era, though not necessarily every day of the week, according to a recent survey [...]
Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full-time, according to a recent study by the Stanford Institute for Economic Policy Research. Only 26% are working on business premises — and many of those are essential workers, such as public [...]
Pundits are predicting that even after the COVID-19 pandemic is ultimately brought under control — which might not occur for many more months — work-at-home arrangements will be more common than before the pandemic. "While the experience of working at home during the crisis may not have been ideal as whole families sheltered in place, [...]
Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they've taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details. Retirement Plan Loan Basics A participant in an employer-sponsored qualified retirement [...]
Your employees probably have many good ideas. But getting those ideas out in the open and acting on them requires your initiative. Too often management doesn't listen to employees unless there is a structured system.The potential benefits of maintaining a structured system -- a vital employee suggestion program -- far outweigh the costs. Employers with [...]
Identity theft is a growing crime in this country and the liability risk of employers is increasing along with it. The reason is all the sensitive personal information collected from employees, job applicants, customers, independent contractors, business partners, patients and others. The Federal Trade Commission reports that every year, millions of Americans fall victim to [...]
Employers that hire foreign workers may have a hard time filling certain job slots soon, if recent action by the Trump Administration survives legal scrutiny. The affected foreign workers are those who have been able to come to the United States using several categories of work visas. In late June, President Trump signed an executive [...]
