The IRS and the Treasury Department have announced interpretive guidance that exempts employers from counting the hours of volunteer firefighters and emergency medical personnel when determining their compliance obligations under the employer mandate provisions of the Patient Protection and Affordable Care Act (“ACA”).
The “…Read more
A Health Flexible Spending Account (“FSA”) provided under an employer’s §125 plan allows participants to make pre-tax contributions to pay for qualified health expenses, which are paid by or reimbursed to them under the FSA on a tax free basis. Until October 31, 2013, however, there was one major drawback without alternative: namely, all FSA contri…Read more
Despite continuing uncertainty surrounding how and when state and federal-run health insurance exchanges will be functioning, the United States Department of Labor (DOL) has not pushed back its original October 1, 2013 deadline for the required employer marketplace notice.
Required Marketplace Notice
The Patient Protection and Affordable Care …Read more
The IRS and the Obama Administration have officially delayed implementation of the employer mandate provisions of the Patient Protection and Affordable Care Act (“ACA”) to January 1, 2015. Meanwhile, Congress continues to grapple with the remaining prospective provisions of the ACA, such as the individual mandate, with new legislation being propose…Read more
In a recent private letter ruling1 , the IRS permitted an owner to exchange a tax-sheltered annuity for an annuity that was more aligned with the owner’s goals, through what is known as a “1035 exchange.” Although private letter rulings are not law, they tend to be good indicators for how the IRS would respond to the actions described in the letter…Read more