Penalties Increased for Section 6055 & 6056 Reporting

Penalties Increased for Section 6055 & 6056 Reporting The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Section 6055 and 6056. These new reporting rules require certain employers to report information to the Internal Revenue Service (IRS) on the health coverage offered during the year. Related statements must also be…

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Health Care Reform: The Who, What and When

Reforms Already in Effect Insurers cannot impose pre-existing condition exclusions for children, remove coverage when a member becomes ill (except in cases of fraud or intentional misrepresentation) or impose lifetime coverage limits. Non-grandfathered health plans must cover preventive care services without deductibles or other cost-sharing and children can remain on their parent’s health coverage until…

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