Governmental Affairs / Legal Updates
Please visit frequently to gain insight into potent ial laws and regulation changes that you might want to take a position on and contact your representatives or to learn what has recently passed that will affect your organization in the employment / labor area. Click on the left menu for options and further information.
AFFORDABLE CARE ACT (ACA):
IRS INFORMATION REPORTING REQUIREMENTS --
Dear Members,
With the IRS Information Reporting Mandate looming, we are committed to sharing information with our members as it becomes available.
For those organizations with over 50 employees that have not done anything yet, its time! Organizations with 50+ employees will be required to report wages, hours, eligibility and coverage, month to month, on IRS forms 1094 and 1095(c) by February 29, 2016.
Due to the high demand for solutions, many payroll providers have closed the gate for new information reporting clients. ADP is no longer accepting Information Reporting clients for the 2015 compliance year. Corporate Synergies will be accepting new contracts for their Gatekeeper solution until August 1st, 2015. Their solution is available standalone and would not require a change to your current benefits broker relationship.
Below is a link to a 55 minute webinar recorded by Dan Kuperstein, Esq., Senior Vice President of Compliance and in-house ERISA attorney.
This webinar will provide the information necessary to determine whether you should outsource this Healthcare Reform reporting requirement or attempt to comply using internal resources.
https://corpsynevents.webex.com/corpsynevents/lsr.php?RCID=5cd53af0d8e7e95f04e5505e4ed11d5c
Additionally, here is a brief article suggesting what you should be doing to prepare. Please note that this article was released in April, so for some of you, there may be an increased sense of urgency.
http://www.corpsyn.com/knowledgecenter/articles/information-reporting-April2015.html
