If you have eligible employees who are entitled to receive payments and reimbursements from the Small Business HRA (also known as a QSEHRA) for the calendar year 2017,, please be aware you must do the following:
- Enter code FF in Box 12a on the employee’s W-2 form (This code was been assigned to represent QSEHRA payments/reimbursements.)
- Enter the maximum PERMITTED benefit. In 2017, this was $4,950 for an individual and $10,000 for a family.
For instance, this is what the W-2 would look like for an employee with individual coverage under the QSEHRA who was reimbursed for $3,500 in benefits.
Complete and distribute your employee W-2 forms by January 31, 2018 and be sure to use the new FF code in box 12 for any QSEHRA eligible employees. For more information, click on the following LINK and see Section J (Reporting Requirement) which starts on page 35 or contact your tax professional.
A new President and Congress continue attempts to repeal the Affordable Care Act (ACA). To date, they have not had success in doing so and therefore the ACA Reporting requirement for Minimum Essential Coverage stands.
Employers who provide health coverage are required to report health Minimum Essential Coverage information to covered employees, former employees and the IRS annually. For Group-insured health plans, this requirement lies with the insurance carrier. For self-insured Plans, this responsibility rests with the employer.
Employers are required to submit a 1094-B Transmittal Form and 1095-B forms for each covered employee to the IRS by February 28th, or March 31st if filing electronically.
In addition, they must distribute IRS Form 1095-B to affected employees by January 31st. Employees will use this form when completing their own individual income tax returns as proof of health insurance coverage for the prior calendar year. Under existing Healthcare Reform rules, an individual can be fined for any month they fail to maintain health coverage.
To help ensure the compliance, TASC will once again email (or mail if TASC doesn’t have an email address on file) its Microbusiness multi-employee No Limit Plan Clients (who don’t sponsor Group insurance) detailed instruction and links to these online fillable tax forms next week.
TASC’s legal, compliance and governmental affairs departments have concluded that Clients who had a QSEHRA Small Business HRA are not required to file or distribute these forms.
TASC’s ACA Reporting service is available to all other Clients for a fee. If interested in learning more, please contact your RSD or call Customer Care at 800.422.4661.
You probably need no reminder; however, it’s time for your Clients to start thinking about tax season! TASC makes it fast and easy for your Clients to get the records they need with MyTASC online tools. These tools let your Clients download their AgriPlan, BizPlan and No Limit Plan Year-End Report as soon as they’ve finished submitting all of their medical expenses for the year—and the earlier they have their Year-End Report in hand, the sooner they can schedule an appointment with you or their tax professional!
We make it fast and easy for your Clients to download their Year-End Report
Here are the instruction we are sending to your Clients:
- Log in to your MyTASC account at http://www.tasconline.com. There’s an instructional video on how to log in to MyTASC on the TASC home page.
- Enter any additional medical expenses that weren’t purchased through your TASC Card. (Expenses paid for with your TASC card are already included.)
- Click on the Create Year-End Report button (found under both My Expenses and the Year-End Report tab in MyTASC).
- We’ll compare your expenses against a list of eligible ones. If your expenses are approved, you’ll be able to immediately create and print your report in PDF format.
- If any of your submitted expenses are in question, your Year-End Report will take another three to five business days for manual review. After this review and approval, you’ll receive an email with a link to log back into MyTASC and you’ll be able to download your report at your convenience.
Do you prefer a paper Transmittal?
If you told us last year that you wanted a Transmittal form mailed, you will receive one in the mail this year and every year thereafter.
If you have not previously request a mailed paper Transmittal form and would prefer this method of reporting your expenses, please complete our Online Form or submit a MyService Request online (log in to MyTASC, click on the Contact Us tab, click on the Service Request link, fill out and submit the form). Please have your TASC ID available. You should receive your paper Transmittal in the mail within 5 to 10 business days. You need only contact us one time in regard to receiving a mailed Transmittal.
Would you like to save time and print a Transmittal worksheet?
If you would like to download and complete a paper Transmittal of your expenses, click on Year-End Report from the MyTASC home page or the Year-End Report tab anytime after December 20th. Then simply click on the Paper Transmittal link to open and print a PDF Transmittal worksheet. Complete the form and mail to TASC.
Thank you for your business!
During the past several months, more employees have been concerned about the Affordable Care Act (ACA), and the potential of “appeal, repair or replace.” With the unknowable legislative change, employees must refocus on everyday challenges of other long-existing, unwavering Federal regulations. A business that isn’t aware of its HR responsibilities is clearly headed for trouble. The regulators, the DOL, the HHS, and the IRS have increased the number of audits to ensure employers are compliant and not violating employees’ rights. In addition to potential fines and penalties imposed by the regulators, employees are awarded hundreds of thousands of dollars through private litigation.
Learn More from our VP of Compliance,Carolyn McNairy, by reading the full article in SHRM HR Professionals magazine.
CNN has picked up our OpEd co-authored by TASC CEO Dan Rashke! Fantastic news for the efforts of The Greater Give and TASC.
“Congress is considering changes to the tax code which would greatly reduce the proportion of taxpayers who benefit from incentives for charitable giving.”
Learn more by clicking the link to the full article: http://www.cnn.com/2017/10/31/opinions/use-tax-law-to-encourage-charitable-giving-opinion/index.html
Just when we thought we had all the requirements figured out, health care could change forcing new challenges and new decisions in the sea of compliance. Employers and plan sponsors need to prepare for significant changes whether ACA is repealed, replaced, or repaired. It is highly likely that certain key ACA provisions will be rolled back.
SHRM HR Professionals Magazine’s full article draws out some of the changes that could occur when it comes to the Affordable Care Act. Click here to Learn more.
Cybersecurity and privacy now go hand in hand, with breaches at an inevitable state within all organizations. “No one entity can be smart enough to fight it all off — we have to work together with other businesses across all industries,” said Cliff Mason, president of Madison-based Total Administrative Services Corporation (TASC).
That was the takeaway from a panel of world-renowned cyber and data security experts at a recent forum hosted by TASC in Washington, D.C. Speakers at this free conference included David Bray, former CIO for the FCC, Steven Chabinsky, former deputy assistant director of cyber for the FBI, and Shane Harris, a journalist who covers intelligence agencies for The Wall Street Journal. The event drew attention to the need for higher standards in cyber and data security from America’s leading services providers in every industry.
Visit our website for the full article on Cybersecurity and Privacy.