Regulatory News

DOL announces 2019 adjusted penalty amounts for several benefits-related violations

Posted on: 1/31/2019 3:36 PM

The DOL has announced the 2019 annual adjustments to the civil monetary penalties for a wide range of benefits-related violations: Form 5500 - maximum penalty for failing to file increases from $2140 to $2194 per day the filing is late. Summary of Benefits and Coverage (SBC) - maximum penalty for failing to provide the SBC increases from $1128 to $1156 per failure. Violations of Genetic Information Nondiscrimination Act (GINA) may result in penalties of $117 per participant per day (increase fro… Read More
IRS announces opening date for electronic filing of 2018 forms 1094 and 1095

Posted on: 1/10/2019 3:35 PM

The IRS announces that electronic filing of Affordable Care Act (ACA) information returns (Forms 1094/1095) for the 2018 tax year will become available on January 15, 2019, at approximately 9 a.m. The deadline for furnishing Forms 1095-B and 1095-C to individuals has been extended to March 4, 2019. However, there is no extension for filing these forms with the IRS (due dates are April 1, 2019 for electronic filing and February 28, 2019 for paper filing). Lifetime Benefit Solutions, Inc. is not … Read More
IRS releases 2019 versions of HSA reporting forms

Posted on: 12/27/2018 3:32 PM

The IRS has released tax year 2019 versions of HSA reporting forms 5498-SA (for trustees and custodians of HSAs, Archer MSAs, and Medicare Advantage MSAs) and 1099-SA (to report distributions from these accounts) along with instructions. Lifetime Benefit Solutions, Inc. is not a law firm, has not reviewed that information for legal sufficiency, and does not give legal or tax advice. The sponsoring employer should have this information reviewed by its own legal counsel for compliance with ERISA,… Read More
Removal of ADA and GINA wellness provisions from wellness program incentives effective 1/1/19

Posted on: 12/20/2018 3:28 PM

The EEOC has issued final rules removing the incentive provisions from the ADA (Americans with Disabilities Act) and GINA (Genetic Information Nondiscrimination Act) wellness regulations effective 1/1/19. As background, a federal trial court determined in 2017 that the EEOC had failed to justify its conclusions that a 30% incentive was a reasonable interpretation of voluntariness under the Americans with Disabilities Act (ADA) and that allowing incentives for providing a spouse’s medical history… Read More
IRS extends "Good Faith" penalty relief and due date for furnishing 2018 forms 1095-B and 1095-C to individuals, but not for filing with the IRS

Posted on: 12/6/2018 3:18 PM

The IRS has issued Notice 2018-94 to announce limited relief for information reporting on Forms 1094 and 1095 for the 2018 tax year. The deadline for furnishing Forms 1095-B and 1095-C to individuals is extended from January 31 to March 4, 2019. However, the notice does not extend the due date for filing Forms 1094-B and 1094-C with the IRS. The IRS will again provide penalty relief for entities that can show they have made good faith efforts at compliance. IRS Notice 2018-94: https://www.irs.g… Read More
IRS releases 2019 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits

Posted on: 11/21/2018 3:16 PM

IRS releases 2019 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits, including limits relating to health FSAs, qualified transportation fringe benefits, qualified small employer health reimbursement arrangements (QSEHRAs), adoption assistance, DCAPs, the small business health care tax credit, the premium tax credit, and Archer MSAs IRS news release: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2019 Lifetime Benefit Solutions, Inc. i… Read More
Final regulations providing religious and moral exemptions from health care reform's contraceptive coverage mandate

Posted on: 11/15/2018 3:13 PM

The DOL, HHS, and IRS have released final regulations providing religious and moral exemptions from health care reform’s contraceptive coverage mandate. HHS fact sheet: https://www.hhs.gov/about/news/2018/11/07/fact-sheet-final-rules-on-religious-and-moral-exemptions-and-accommodation-for-coverage-of-certain-preventive-services-under-affordable-care-act.html Lifetime Benefit Solutions, Inc. is not a law firm, has not reviewed that information for legal sufficiency, and does not give legal or t… Read More
2018 Form 5500 series released

Posted on: 11/15/2018 3:05 PM

The DOL, IRS, and PBGC have released advance information copies of the 2018 Form 5500 series, including Schedules and Instructions. DOL news release, including a summary of modifications and links to the forms: https://www.dol.gov/newsroom/releases/ebsa/ebsa20181113 Lifetime Benefit Solutions, Inc. is not a law firm, has not reviewed that information for legal sufficiency, and does not give legal or tax advice. The sponsoring employer should have this information reviewed by its own legal coun… Read More