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Fiscal Cliff Legislation Impacts Qualified Transportation Benefits

The American Taxpayer Relief Act of 2012 (ATRA), passed by Congress and signed into law by President Obama on January 2, 2013, brought the country back from the “fiscal cliff,” and within its pages also made changes to a benefit offered by many employers: qualified transportation benefits.

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Guidance Issued on the Qualification for Tax Credits and Individual Mandate Tax Liability

The IRS has issued an amendment to final regulations originally issued May 23, 2012 regarding qualification for a premium tax credit (premium assistance) when purchasing individual health insurance through a public exchange. In the case of family members who are eligible for employer sponsored insurance (ESI), affordability for family members will be based on the employee’s required contribution for self-only coverage (i.e. employee only coverage), not the required contribution for family coverage.

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Department of Labor Delays the Employer

As anticipated, based on prior informal comments, the Department of Labor (DOL) has delayed the employer requirement to send a “Notice of Exchange” to employees.

The Affordable Care Act (ACA) amended the Fair Labor Standards Act (FLSA) requiring employers to send a notice describing certain elements of exchanges and subsidy eligibility to employees by March 1st, 2013. However, citing a number of factors, the DOL has delayed the requirement until after guidance is issued later in 2013.

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Department of Labor Expected to Delay the Employer

In welcome news for employers, the Department of Labor (DOL) has stated in informal comments that they plan to delay the employer requirement to send a “ Notice of Exchange” to employees.

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Affordable Care Act Employer Planning Guide

Please download document. This summary is provided as an overview of some of the provisions of the Patient Protection and Affordable Care Act (PPACA). For more details or questions, please contact your Parker, Smith & Feek Benefits Team.

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IRS Employer Shared Responsibility Rules

The IRS has released additional guidance related to the Affordable Care Act (ACA) employer shared responsibility rules.  The guidance includes proposed regulations published in the Federal Register on Wed.

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