IRS Releases Final Rules Extending Deadline to Furnish ACA Reporting Forms On December 12, 2022, the IRS released a Final Rule providing for, among other things, an automatic 30-day extension of time for applicable large employers (“ALEs”) to furnish annual Forms 1095-C to individuals for calendar years beginning after December 31, 2022. The Final Rule [Read More]
On December 20, 2022, the House and Senate released H.R. 2617, the Consolidated Appropriations Act, 2023 (“CAA, 2023”), which is expected to pass in both chambers this week before being presented to the President for signature, which is expected by the Friday deadline to avoid a partial government shutdown. The CAA, 2023 is largely a [Read More]
The IRS has released Notice 2022-59, which sets the applicable PCORI fee for plan years ending between October 1, 2022 and September 30, 2023 at $3.00 per covered life. As a reminder, the PCORI was established as part of the Affordable Care Act (ACA) to conduct research to evaluate the effectiveness of medical treatments, procedures [Read More]
On October 18, 2022, the Internal Revenue Service (IRS) released Revenue Procedure 2022-38, which increases the health flexible spending account (FSA) salary reduction contribution limit to $3,050 for plan years beginning in 2023, an increase of $200 from 2022. Thus, for health FSAs with a carryover feature, the maximum carryover amount is $610 (20% of [Read More]
On October 13, 2022, the IRS finalized regulations (the “Final Rule”) intended to revise the method of determining affordability under the Affordable Care Act (ACA) for an employee’s family members by considering whether the coverage offered by the employer to the employee and their family members is affordable. The final regulations are effective on December [Read More]
On July 28, 2022, the DOL, HHS, and the IRS (collectively, the “Agencies”) released FAQs About Affordable Care Act Implementation Part 54, which, according to the Agencies, is intended to make it clear that, despite the Supreme Court’s ruling in Dobbs, the ACA’s preventive care mandate requires non-grandfathered group health plans and health insurance issuers [Read More]
The Internal Revenue Service (IRS) has released Rev. Proc. 2022-34, which contains the inflation-adjusted amounts for 2023 used to determine whether employer-sponsored coverage is “affordable” for purposes of the Affordable Care Act’s (ACA) employer shared responsibility provisions and premium tax credit program. As shown in the table below, for plan years beginning in 2023, the [Read More]
On June 24, 2022, the United States Supreme Court (“the Court”), released its much anticipated decision in Dobbs, State Health officer of the Mississippi Department of Health, et al. v. Jackson Women’s Health Organization, et al., which examined the Mississippi abortion law that, with limited exceptions for the health of the mother or severe abnormality [Read More]
Employers that sponsor self-insured group health plans, including health reimbursement arrangements (HRAs) should keep in mind the upcoming July 31, 2022 deadline for paying fees that fund the Patient-Centered Outcomes Research Institute (PCORI) via Form 720, which was recently updated and released by the IRS. As background, the PCORI was established as part of the [Read More]
In Rev. Proc. 2022-24, the IRS released the inflation-adjusted amounts for 2023 relevant to Health Savings Accounts (HSAs) and high deductible health plans (HDHPs). The table below summarizes those adjustments and other applicable limits. 2023 2022 Change Annual HSA Contribution Limit (employer and employee) Self-only: $3,850 Family: $7,750 Self-only: $3,650 Family: $7,300 Self-only: +$200 [Read More]