July 31 Filing Deadline for PCOR Fees
Discussed in the June edition of Cherry Bekaert Benefits Consulting’s (“CBBC”) June Client Alert , plan sponsors with applicable, self-funded arrangements including most Health Reimbursement Arrangements must pay the Patient Centered Outcomes Research Fee (PCOR) by Friday, July 31, 2015 for plan years that ended in 2014. Fees have to be submitted by the plan sponsor and not through a third party. When filing the PCOR, plan sponsors are required to use the updated Form 720, Quarterly Federal Excise Tax Return for 2015. The full Client Alert is available via the CBBC website .
Covered in the latest Health & Benefits Update , enforcement agencies are addressing how workplace wellness programs meet compliance with the myriad of federal standards like the Health Insurance Portability and Accountability Act (HIPAA). For instance, the Departments of Labor, Health and Human Services, and Treasury issued final workplace wellness regulations that update previous HIPAA guidance and incorporate changes in the Affordable Care Act (ACA). The complete Health & Benefits Update discussing workplace wellness is available on the Cherry Bekaert Benefits Consulting website.
Reminder! Due Date for the BEA Foreign Investment Survey is June 30th
Every five years, the Bureau of Economic Analysis (“BEA”), a division of the U.S. Department of Commerce, gathers information regarding investments in foreign affiliates by U.S. persons, which include business entities, estates and individuals. The survey generally requests financial, operational, and ownership information about investments outside of the U.S. This is not a tax filing, and no payments are due. However, failure to file the required forms can result in substantial penalties. In the past, the BEA would send out notifications letting you know if you needed to file. This year, however, the rules have changed. If you are a. Read More.
FAQ Clarifies Coverage of No-Cost Preventive Services
Cherry Bekaert Benefits Consulting’s (“CBBC”) June Health & Benefits Update discusses the recently issued FAQs Part XXVI, which addresses no-cost preventative services coverage. With the Affordable Care Act requiring all non-grandfathered insured and self-funded group health plans to cover certain preventive services without cost-sharing, some plan members have expressed concern for being improperly charged. As a result, the FAQ clarifies that non-grandfathered group health plans must cover certain services at no cost to its members. For the complete Update, please visit the CBBC website .
IRS Releases DRAFT 2015 ACA Reporting Forms
The Internal Revenue Service (“IRS”) has issued draft versions of the 2015 Affordable Care Act (ACA) Reporting Forms 1094-C and 1095-C. Cherry Bekaert Benefits Consulting’s (“CBBC”) newly available Health & Benefits Update notes that the major change to this year’s forms is on Form 1095-C, which permits employers and service providers to include a two-digit Plan Start Month. While employers and service providers use the 2014 forms as templates in preparation for the reporting the new mandatory ACA requirements, the IRS stresses that the 2015 edition of Forms 1094-C and 1095-C should not be used until the final versions are issued. To read the. Read More.
Reminder! FBAR Must be Received Electronically by June 30th | New Penalties in Place
Introduced in September 2013 by the Financial Crimes Enforcement Network (“FinCEN”), Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is required to be filed by Tuesday, June 30, 2015. Please note, this Form supersedes Form TD 90-22.1. If you are a U.S. person (i.e., a U.S. individual or U.S. entity) with a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value that surpassed $10,000 at any time during the past calendar year, it is important that you are aware of the recent FBAR filing requirement changes. E-Filing Requirement for Form. Read More.
How Secure is Your Identity?
And what is the IRS doing to protect your identity? For 2014 tax returns, the Internal Revenue Service (“IRS”) is utilizing a filtering system for flagging certain tax returns as “suspicious” and pausing the processing of these returns until additional identity verification is received. If your tax return is flagged, you will receive a written request (Letter 5071C) to answer additional questions to confirm you are the correct taxpayer for that return. To answer the questions, you have the option of calling a toll-free telephone number, or visiting idverify.irs.gov . Due to high call volume, the IRS highly recommends using the. Read More.