Blogs | VAST Insurance Agency | Marquette, MI
January 24, 2018

Affordable Care Act Penalty Assessment Process – Letter 226 J

The Internal Revenue Service (IRS) has started sending out Letter 226 J, which informs employers of liability under the Affordable Care Act (ACA) Employer Shared Responsibility Provisions. Applicable Large Employer’s (ALE’s) are employers with 50 or more full time or full time equivalent employees. ALE’s were required to offer affordable, minimum value coverage to a portion of their full time employees or be subject to one or both penalties under the ACA. Employers with less than 100 employees had transition relief available. Letter 226 J gives an amount due by the employer, the proposed Employer Shared Responsibility Payment (ESRP).  Letter … Continue reading

July 17, 2017

5500 Time

July 31st is the time that 5500’s are due to be submitted if you have calendar year plans. A few facts on 5500’s: The 5500 is the annual return for the Employee Benefit Plan. This generally applies to your life and health and some other employee benefits. You generally only file if you have more than 100 participants at the beginning of the plan year. The 5500 must be filed electronically. Penalties can be assessed if you do not file your 5500 on time. If you have not filed in the past but should have, there are some delinquent filing … Continue reading

February 13, 2017

1095/1094 Reporting- Still required?

One of President Trump’s first Executive Orders dealt with the Affordable Care Act (ACA). The title of the Executive Order is  Minimizing the Economic Burden of the Patient Protection and Affordable Care Act Pending Repeal.  It shows the intent to repeal the Affordable Care Act. However, the ACA remains in effect at this time. Therefore, reporting under the ACA remains in effect. However, the due dates were extended for some forms in December of 2016: Form 1095-B is to be given to individuals by March 2, 2017. Form 1095-B dues dates to be submitted to the IRS did not change. … Continue reading

September 21, 2016

Fair Labor Standards Act Changes

Everyone is talking about the new Fair Labor Standards Act changes. Below are a few things to consider when looking at complying with this new rule: The FLSA applies to most employers but employers should verify this prior to seeing if they need to comply. If the FLSA applies, then you need to evaluate whether exempt employees will meet the new salary threshold of $913 per week. Up to 10% of salary can come from quarterly bonuses, but you must follow the rules here. The salary level will be automatically increased every 3 years going forward. The threshold for the … Continue reading

The open enrollment period for 2024 individual and family health plans start November 1 and runs through January 15. Contact us at 906.228.7500 for an appointment to get started.

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