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Breaking Down the Affordable Care Act

The Affordable Care Act is a comprehensive health care reform law that was passed in March 2010. Alternatively, known … See more

Actived: 3 days ago

URL: https://blog.boomtax.com/breaking-down-the-affordable-care-act/

Quick Overview of HRAs in 2023

WEBConclusion. Health Reimbursement Arrangements (HRAs) are an alternate type of group health plan, in which employers can reimburse their employees for certain …

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Examplary Origin of Health Coverage

WEBDetermining Origin of Health Coverage for IRS Form 1095-B. September 12, 2023 by Ken Ham. Health insurance issuers and carriers must file Form 1095-B for …

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Mastering Form 1095-B: The Essential Guide

WEBJune 7, 2023 by Michaela Porterfield. Form 1095-B, Health Coverage, is used to report information regarding individuals who are covered by minimum essential coverage …

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Important Facts About Union Plans and the ACA

WEBUnion Plans and the ACA. The ACA was established in 2010 with three main goals: To increase the quality and affordability of health insurance. To lower the …

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Which ACA Form Do I Need

WEBThen you typically need to complete a Form 1095-C Filing with all parts (Parts I, II and III) completed. Forms 1095-B and 1095-C are filed with the IRS using …

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The Ultimate Guide to Seasonal Employees and the ACA

WEB4980H (a) Penalty. This penalty is assessed if the employer: Doesn’t offer MEC to at least 95% of its full-time employees (and their dependents) for any month, …

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IRS Form 1095-B Guide for 2024 (TY2023)

WEBFebruary 28, 2024. Recipient Copy / Furnishing Deadline. March 1, 2024. E-file Deadline. April 1, 2024. Form 1095-B Guide – Filing Season 2024 Deadlines. Please …

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Self-Insured Plans: Gather Information for Form 1095-C

WEBSelf-insured coverage is defined as coverage where the employer assumes the financial risk for providing health care benefits to its employees. It is rare for small …

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Mastering Form 1094-B: The Essential Guide

WEBMastering Form 1094-B: The Essential Guide. June 7, 2023 by Michaela Porterfield. Form 1094-B, Transmittal of Health Coverage Information Returns, is purely …

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Responsible and Covered Individuals on Form 1095-B

WEBThe responsible individual is the recipient named at the top of the Form 1095-B. Generally, this is the person who would be liable for the individual shared …

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1095-C Coverage Scenarios With Crystal Clear Examples

WEBFull-Time Employee, Hired Midyear. In this example, the employee (EE) was hired as a full-time employee (FTE) on April 10 th and is eligible for coverage on the first …

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Mastering Form 1095-C: The Essential Guide

WEBFor employers, Form 1095-C combined with Form 1094-C is used to determine whether an Applicable Large Employer (ALE) owes an employer shared …

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What is Employer Shared Responsibility

WEBThe Affordable Care Act’s employer shared responsibility provisions require certain employers (called applicable large employers or ALEs) to offer affordable health …

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Mastering Form 1094-C: The Essential Guide

WEBFor employers, Form 1094-C, combined with Forms 1095-C, is used to determine whether an Applicable Large Employer (ALE) owes an employer shared …

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10 Common Mistakes for IRS Form 1095-C

WEB1 Common Mistakes. 1.1 Only creating and sending forms to individuals that enrolled in coverage. 1.2 Inputting data for only employed months. 1.3 Using enrollment …

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IRS Final Regulations on 10/13/22

WEBBackground. The final regulations amend the Income Tax Regulations (26 CFR part 1) under section 36B of the Code. The IRS and Treasury Department …

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2 Big ACA Measurement Methods

WEBThis is the default ACA measurement method for determining employee status. It requires the employer to use the employee’s monthly hours for the month. If …

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New Jersey ACA Filing Requirements

WEBNew Jersey ACA requirements state that a 1095 form be sent to each primary enrollee. This differs from federal requirements that allow some coverage …

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