Companies Struggle with Benefits Compliance

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More and more employers are being overwhelmed by all of the compliance requirements associated with managing employee benefits. The Guardian Life Insurance Company of America’s “Benefits Balancing Act” study found that 60% of employers are feeling overwhelmed with the increased complexity of managing their benefits programs. One of the main reasons for the additional burden is the Affordable Care Act, with its myriad of compliance and reporting requirements. The employer mandate and the documentation and new filing requirements with the IRS are high on the list of compliance issues, as are evolving Family Medical Leave Act (FMLA) and ERISA requirements….
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IRS Targets Employers Who Fail to File ACA Forms

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The IRS has started sending letters to some employers asking them where their Affordable Care Act returns are, according to the National Association of Health Underwriters. The letters, says the association, appear to be one of the first efforts by the IRS to enforce the employer responsibility requirements of the ACA. Under the ACA, applicable large employers (ALEs) – those with 50 or more full-time and full-time-equivalent employees – are required to file Forms 1094-C and 1095-C with the IRS. The requirement started in 2016 when those employers for the first time had to file these forms with the IRS….
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Does Business Interruption Insurance Cover Partial Shutdown?

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What happens if your business suffers property damage or a supply chain disruption and is forced to stop operations either fully or partially? Will your insurance cover the work stoppage or slowdown? It is important to understand how your insurance can protect you from the resulting financial loss. In addition to potential recovery for property damage from your property/casualty policy, you may be able to recover lost revenue from your business interruption coverage. If your operations are disrupted – completely or partially – the language of your policy will determine if, and for how long, your insurance company will cover…
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Top 10 Laws and Regulations Affecting Business in 2016 (Part 1)

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AS WITH every New Year, businesses are faced with a slew of new laws and regulations. We’ve condensed them into a list of the top 10 most likely to affect your operations. 1. New teeth to gender equal pay laws A new state law adds teeth to the laws on gender pay equality. Before SB 358, employees seeking to prove pay discrimination had to demonstrate that they are not paid at the same rate as someone of the opposite sex at the same establishment for “equal work.” Under the new law, the requirement of “same establishment” has been deleted, and…
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IRS extends ACA reporting deadline for employers

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The IRS has extended the deadline for reporting health plan information for 2015 under the Affordable Care Act. Starting this year, applicable large employers (those with 50 or more full-time or full-time equivalent employees) must report whether an individual is covered by minimum essential coverage and that an offer of minimum essential coverage that provides minimum value was made to each full-time employee. This is done in form 1095-B and 1095-C. Under a notice issued on Dec. 28, the deadlines for furnishing employees with the 2015 Form 1095-B (Health Coverage) and Form 1095-C (Employer Provided Health Insurance Offer and Coverage)…
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