IRS Announces New Low Affordability Percentage of 9.12% for 2023
Recent IRS updates to the Affordable Care Act (ACA) affordability percentage may lead to increased costs for employers in 2023. In Rev. Proc 2022-34, the IRS announced that the ACA affordability percentage for plan years beginning in calendar year 2023 will be 9.12%....
2021 ACA Reporting Instructions Issued
The IRS released final 2021 instructions for reporting under Internal Revenue Code (Code) Sections 6055 and 6056. 2021 Instructions for Forms 1094-B and 1095-B, which will be used by providers of minimum essential coverage (MEC), including self-insured plan sponsors...
Compliance ✔- New Flexibility for ACA Grandfathered Health Plans
The Affordable Care Act (ACA) was enacted in 2010, subjecting health plans to additional coverage mandates (PHSA mandates) and exempting grandfathered plans from a handful of them. In order to benefit from the exemption, many employers maintained their grandfathered...