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ACA reporting can be very complex, but if you can use the Qualifying Offer Method then it may be a lot simpler! What is a Qualifying Offer? A Qualifying Offer is an offer that meets the following criteria: It’s an offer of of Minimum Essential Coverage (MEC). It’s an offer that provides Minimum Value (MV). … Read more
Under the Affordable Care Act (ACA), the federal and state governments, employers, and insurers were given a shared responsibility to improve the availability, quality, and affordability of health coverage in the US. The Affordable Care Act’s employer shared responsibility provisions require certain employers (called applicable large employers or ALEs) to offer affordable health coverage to … Read more
When completing your year end filings, you may find that the summary forms ask you to name the Payer’s Transfer Agent, if applicable. In many cases, you can find the this information under the investor relations section of a company’s website. Transfer Agent This can be a trust company, bank, or other institution assigned by another … Read more
An Information Return is a tax form used to report to the federal government, non-payroll related payments made from a business, agency or person to another person or company. You also must furnish copies of the information returns to recipients for payments reported. Failure to file the information returns by specified due dates could result … Read more
If you have received an IRS Letter 226-J, you have 30 days from receipt of the letter to send your response. Reasonable extensions may be requested and it is best to do so as soon as you expect you will need the extra time. What is IRS Letter 226-J? IRS Letter 226-J is issued to … Read more