The Internal Revenue Service has extended the due date for providing the 2019 Form 1095-C (applicable to large employers as explained below) and the Form 1095-B (generally applicable to insurance carriers) to participants from January 31, 2020 to March 2, 2020. The deadlines for filing the 2019 Forms 1094-B, 1095-B, 1094-C and 1095-C with the IRS remain at February 28, 2020, for paper submissions, or March 31, 2020, if filing electronically.
In addition, the IRS has issued relief for insurance carriers generally required to provide the Form 1095-B. Because there is no individual penalty for not having minimum essential coverage in 2019, individuals don’t need the 1095-B in order to calculate a tax penalty or file an income tax return. Therefore, the IRS will not assess a penalty to entities that do not provide a Form 1095-B if they meet the following conditions:
The reporting entity must post a prominent notice on its website stating that individuals may receive a copy of their 2019 Form 1095-B upon request, along with contact information to make such a request; and
The reporting entity must furnish the 2019 Form 1095-B within 30 days of a request.
https://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.png00adminhttps://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.pngadmin2019-12-03 10:05:362026-01-20 14:35:03Time keeps on slippin’, slippin’, slippin’… into the future with an extended deadline for Form 1095-C and Form 1095-B reporting
“I was the last one you’d thought you’d see there…”
We tend to think of untimely remittances to retirement plans
as primarily an ERISA issue, and certainly, the cause of many DOL audits.
Lately, however, it seems the IRS also sees late contributions as an invitation
to examine the plan.
https://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.png00adminhttps://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.pngadmin2019-11-11 13:22:182019-11-11 13:22:20Friends in Low Places . . . IRS focusing on late contributions too
The Internal Revenue Code imposes dollar limitations on various compensation, benefit and contribution levels under qualified retirement plans. Today, the Internal Revenue Service announced the 2020 cost-of-living adjustments affecting dollar limitations for qualified retirement plans. Check out our chart for easy reference!
https://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.png00adminhttps://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.pngadmin2019-11-06 09:23:392026-01-14 16:15:08Take it to the limit one more time…IRS announces cost-of-living adjustments for 2020!
The Health Insurance Portability and Accountability Act
(“HIPAA”) was created for one specific reason – evolution of technology. Today,
health care providers are using online clinical applications and electronic
health records; also, health plans are offering online access to claims and
care management. This evolution of technology, while incredible and
appropriate, raises several security risks that could, if not appropriately
addressed, lead to HIPAA penalties.
Health care providers and group health plans (“covered
entities”) deal with highly sensitive and protected health information (“PHI”).
The HIPAA privacy, security, and breach rules were adopted to make sure covered
entities protect and safeguard PHI. Although employers/plan sponsors are not
directly subject to the HIPAA rules; if the covered entity is a self-funded
group health plan, complying with the myriad of HIPAA rules will likely fall on
the plan sponsor.
https://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.png00adminhttps://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.pngadmin2019-10-22 09:38:352019-10-22 09:40:09It’s HIP(AA) to be square… making sure you are HIPAA compliant
As you may recall, Private Letter Ruling 201833012 (the
“PLR”), concerning the IRS’ approval of Abbott Laboratories’ plan to
implement 401(k) matching contributions on student loan repayments, was
released to much fanfare in the summer of 2018.
We’ve learned that at last week’s annual NASPP conference in New
Orleans, Stephen Tackney, Deputy Associate Chief Counsel of the IRS Office of
Chief Counsel (and author of the Section 409A deferred compensation
regulations) announced that the IRS is working on converting the PLR into a
revenue ruling that can be relied upon by all employers.
https://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.png00adminhttps://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.pngadmin2019-09-26 11:22:492019-09-26 11:22:51Start spreading the news…student loan 401(k) match revenue ruling in the works
If you are one of those plan
sponsors who was waiting for the final hardship regulations to be issued before
making any changes to hardship distributions in your plans – your time has
come. The Treasury Department and IRS issued the final regulations on September
19, 2019 for publication today, September 23, 2019.
These regulations finalize
the proposed regulations issued on November 14, 2018, and they are essentially
the same with some clarifications. Plans that made changes in compliance with
the proposed regulations will be deemed to have complied with the final
regulations. Overall the rules – which generally apply to 401(k) plans, 403(b)
plans, and 457(b) plans – ease some of the restrictions on taking hardship
distributions.
https://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.png00adminhttps://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.pngadmin2019-09-23 14:45:522019-09-23 15:12:23It’s been a hard day’s night: final hardship distribution rules issued
Employee Stock Purchase Plans (ESPPs) are a program offered by many companies (particularly those with publicly traded stock) as a way for all of their employees to buy company stock. In their most robust format, employees can buy stock at a discount. You’d think employees would jump at the chance to capitalize on this immediate value opportunity. Not so! Employee participation rates are typically fairly low (often below 50%). Employers who offer ESPPs strive for ways to engage employees to appreciate and participate in this valuable benefit. Those employers may be interested to hear that a startup company is making headlines for its product aimed at boosting ESPP participation.
https://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.png00adminhttps://www.employeebenefitslawblog.com/wp-content/uploads/2022/10/logo_vertical-v2.pngadmin2019-09-05 09:22:122019-09-05 09:22:14She works hard for the money, so you’d better … help her afford to buy company stock
Time keeps on slippin’, slippin’, slippin’… into the future with an extended deadline for Form 1095-C and Form 1095-B reporting
/in Health & Welfare Plans, IRSby Becky Achten and Bret Busacker
The Internal Revenue Service has extended the due date for providing the 2019 Form 1095-C (applicable to large employers as explained below) and the Form 1095-B (generally applicable to insurance carriers) to participants from January 31, 2020 to March 2, 2020. The deadlines for filing the 2019 Forms 1094-B, 1095-B, 1094-C and 1095-C with the IRS remain at February 28, 2020, for paper submissions, or March 31, 2020, if filing electronically.
In addition, the IRS has issued relief for insurance carriers generally required to provide the Form 1095-B. Because there is no individual penalty for not having minimum essential coverage in 2019, individuals don’t need the 1095-B in order to calculate a tax penalty or file an income tax return. Therefore, the IRS will not assess a penalty to entities that do not provide a Form 1095-B if they meet the following conditions:
Read more
Friends in Low Places . . . IRS focusing on late contributions too
/in 401(k) Plans, 403(b) plans, 457(b) plans, DOL, ERISA, Fiduciary Duties, Governmental Plans, IRS, Retirement Plansby Kevin Selzer
“I was the last one you’d thought you’d see there…”
We tend to think of untimely remittances to retirement plans as primarily an ERISA issue, and certainly, the cause of many DOL audits. Lately, however, it seems the IRS also sees late contributions as an invitation to examine the plan.
Read moreTake it to the limit one more time…IRS announces cost-of-living adjustments for 2020!
/in 401(k) Plans, Defined Benefit Plans, ESOPs, IRS, Retirement Plansby Becky Achten & Lyn Domenick
The Internal Revenue Code imposes dollar limitations on various compensation, benefit and contribution levels under qualified retirement plans. Today, the Internal Revenue Service announced the 2020 cost-of-living adjustments affecting dollar limitations for qualified retirement plans. Check out our chart for easy reference!
It’s HIP(AA) to be square… making sure you are HIPAA compliant
/in Health & Welfare Plansby Hector A Beason
The Health Insurance Portability and Accountability Act (“HIPAA”) was created for one specific reason – evolution of technology. Today, health care providers are using online clinical applications and electronic health records; also, health plans are offering online access to claims and care management. This evolution of technology, while incredible and appropriate, raises several security risks that could, if not appropriately addressed, lead to HIPAA penalties.
Health care providers and group health plans (“covered entities”) deal with highly sensitive and protected health information (“PHI”). The HIPAA privacy, security, and breach rules were adopted to make sure covered entities protect and safeguard PHI. Although employers/plan sponsors are not directly subject to the HIPAA rules; if the covered entity is a self-funded group health plan, complying with the myriad of HIPAA rules will likely fall on the plan sponsor.
Read moreStart spreading the news…student loan 401(k) match revenue ruling in the works
/in 401(k) Plans, IRS, Retirement Plansby Ben Gibbons
As you may recall, Private Letter Ruling 201833012 (the “PLR”), concerning the IRS’ approval of Abbott Laboratories’ plan to implement 401(k) matching contributions on student loan repayments, was released to much fanfare in the summer of 2018. We’ve learned that at last week’s annual NASPP conference in New Orleans, Stephen Tackney, Deputy Associate Chief Counsel of the IRS Office of Chief Counsel (and author of the Section 409A deferred compensation regulations) announced that the IRS is working on converting the PLR into a revenue ruling that can be relied upon by all employers.
Read moreIt’s been a hard day’s night: final hardship distribution rules issued
/in 401(k) Plans, 403(b) plans, 457(b) plans, ERISA, IRS, Retirement Plansby Brenda Berg
If you are one of those plan sponsors who was waiting for the final hardship regulations to be issued before making any changes to hardship distributions in your plans – your time has come. The Treasury Department and IRS issued the final regulations on September 19, 2019 for publication today, September 23, 2019.
These regulations finalize the proposed regulations issued on November 14, 2018, and they are essentially the same with some clarifications. Plans that made changes in compliance with the proposed regulations will be deemed to have complied with the final regulations. Overall the rules – which generally apply to 401(k) plans, 403(b) plans, and 457(b) plans – ease some of the restrictions on taking hardship distributions.
Read moreShe works hard for the money, so you’d better … help her afford to buy company stock
/in Employee Stock Purchase Plans (ESPPs), Equity Compensation, Executive Compensation, Fringe Benefits, IRSby Beth Nedrow and Kevin Selzer
Employee Stock Purchase Plans (ESPPs) are a program offered by many companies (particularly those with publicly traded stock) as a way for all of their employees to buy company stock. In their most robust format, employees can buy stock at a discount. You’d think employees would jump at the chance to capitalize on this immediate value opportunity. Not so! Employee participation rates are typically fairly low (often below 50%). Employers who offer ESPPs strive for ways to engage employees to appreciate and participate in this valuable benefit. Those employers may be interested to hear that a startup company is making headlines for its product aimed at boosting ESPP participation.
Read more