President Trump issued an Executive Order on the Affordable Care Act (“ACA”). Right now, the order has no immediate effect on employers who are in the process of complying with the ACA’s reporting requirements (Forms 1094 and 1095), which are not rescinded by the order.
The Internal Revenue Service (IRS) has released Notice 2016-70, which extends the deadline for furnishing Forms 1095-B and 1095-C to individuals from January 31, 2017 to March 2, 2017. The Notice did not delay the due date for filing the forms with the IRS, which remains February 28 if filing..
On October 25, 2016, the Internal Revenue Service (IRS) released Revenue Procedure 2016-55, which raised the health Flexible Spending Account (FSA) salary reduction contribution limit to $2,600 for plan years beginning in 2017. The Revenue Procedure also released the cost-of-living (COLA)..