DRAFT FORMS FOR 2018 ACA REPORTING RELEASED

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The IRS released most draft 2018 forms for ACA reporting under Code Sections 6055 and 6056. A 2018 draft version of Form 1095-B and draft instructions for these forms have not yet been released. The draft 2018 forms are substantially similar to the final 2017 versions. This ACA Compliance Bulletin provides an overview of the draft forms.

© 2018 Zywave, Inc. All rights reserved.

 

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IRS Issues New Tables for 2018 Tax Withholding

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Starting Feb. 15, 2018, employers must use new tables to determine how much income tax to withhold from their employees’ paychecks. The Internal Revenue Service (IRS) issued the required new tables, which reflect changes made by the Tax Cuts and Jobs Act, on Jan. 9, 2018. This Compliance Bulletin provides information about the new tables and the IRS’s plans to release additional guidance on income-tax withholding under the new tax law.

© 2018 Zywave, Inc. All rights reserved.

 

FURNISHING DEADLINE DELAYED FOR 2017 ACA REPORTING

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On Dec. 22, 2017, the IRS issued Notice 2018-06, which extended the 2017 deadline for furnishing statements to individuals under Sections 6055 and 6056. Notice 2018-06 also extended good-faith relief from penalties for 2017 reporting. However, the notice does not extend the due date for filing forms with the IRS for 2017. This ACA Bulletin outlines the new due date and additional guidance in this notice.

© 2017 Zywave, Inc. All rights reserved.

 

 

IRS CONFIRMS ACA MANDATE PENALTIES STILL EFFECTIVE

ACA compliance bulletin imageThe IRS Office of Chief Counsel has recently issued several information letters clarifying that the ACA’s individual and employer mandate penalties are still effective. These letters were issued in response to confusion over President Donald Trump’s executive order directing federal agencies to provide relief from the burdens of the ACA. This ACA Compliance Bulletin summarizes the IRS’ information letters.

© 2017 Zywave, Inc. All rights reserved.

IRS Addresses Taxation of Fixed Indemnity Benefits

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The Internal Revenue Service (IRS) has released an internal memorandum addressing the tax treatment of payments from fixed indemnity health coverage.

According to this guidance, if an employee is not taxed on the premiums for fixed indemnity health coverage (the premiums are paid by the employer or by employees on a pre-tax basis through a cafeteria plan), any payments from the coverage must be included in the employee’s gross income and wages. These same rules also apply to wellness programs that provide fixed indemnity benefits for engaging in wellness activities.

To learn more, read the full Compliance Bulletin: IRS Addresses Taxation of Fixed Indemnity Benefits

IRS Clarifies Federal Tax Regulations for Same-sex Spouses

Compliance BulletinIRS Clarifies Fed tax regs for same-sex quick factsOn Oct. 21, 2015, the U.S. Department of Treasury and the Internal Revenue Service (IRS) released proposed regulations implementing the Supreme Court’s same-sex marriage decisions for federal tax purposes.

The proposed regulations were issued to confirm that federal tax code provisions relating to marriage should be interpreted to include same-sex spouses as well as opposite-sex spouses.

To learn more: IRS Clarifies Federal Tax Regulations for Same-sex Spouses

IRS Issues Guidance and Forms for Reporting 2014 Premium Tax Credits

IRSThe IRS has released a number of resources for taxpayers preparing to report health insurance on their 2014 tax returns for the first time. According to the press release, the “vast majority” of taxpayers will just need to check a box on their tax returns indicating that they had health coverage in 2014. However, as explained in Publication 5187, individuals who had minimum essential coverage through an Exchange or did not have health coverage in 2014 will have different reporting requirements.

 

Form 1095-A Health Insurance Marketplace Statement
Form 1095-A Instructions
Form 1095-A FAQs
Form 8962 Premium Tax Credit (PTC)
Form 8962 Instructions
Form 8965 Health Coverage Exemptions
Form 8965 Instructions
Publication 5187 Health Care Law: What’s New for Individuals & Families
Press Release Statements by Secretary Lew & Secretary Burwell on Preparing for the Upcoming Tax Season