IRS extends deadline for 1095 for 2016 tax season #ACA

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Are you hoping that ACA will just go away — probably a bad idea. If you are not already prepared for the upcoming filings, you may want to start working on it pronto! Good news — the IRS has extended the deadline for providing 1095 forms to employees for the 2016 tax season.  Mark your calendars – the new date is March 2, 2017.

Here are some other important dates and activities that you should be aware of:

  • The IRS will begin levying fines in December for the 2015 tax season;
  • Subsidy notifications will increase in February (giving you about 30 days to respond by the time you receive the notification);
  • The 1095 forms will be due to employees by March 2;
  • And the 1094 will be due to the IRS March 31

A few more deets:

  •  Regardless of the election, ACA reporting deadlines and penalties are still very much a reality – employers must continue business as usual and comply with the reporting requirements or face a penalty. Employers that choose to ignore the reporting requirements are viewed as having a “willful disregard” for the requirements and are subject to a fine of $530 for each 1095-C they fail to deliver, uncapped. (YIKES!)
  • Because employers have been given an extension for sending 1095 forms to employees, the IRS will likely be less lenient on assessing fines for late forms. (YIKES!)
  • The funding mechanism for the premium tax credits (which cost the government $1.4T in 2015 and 2016 combined) is the penalties which the government determines in part through the Forms 1094-C and 1095-C. Therefore, the ACA reporting by employers through the Forms 1094-C and 1095-C is necessary to determine which employers owe a penalty to fund the premium tax credits.
  • It is unlikely that immediate changes will or can be made to ACA before reporting deadlines. (so dude, if you’ve been putting it off, just do it!)

And here are a couple of other things to put into perspective

  • The new Administration will likely need to have  a replacement for the ACA before they can repeal it, and there is not replacement plan in place, which would likely take years to develop and implement. Even if they want to roll back to “pre-ACA” I think that might be hard to do since there are people who have enrolled and are using the exchanges — at any rate, they need a plan and have time to execute and administer it.
  • The president cannot unilaterally repeal the ACA, it requires Congressional approval.

So my two cents, and that’s really all its worth: if you have waited until the last minute to get this started and in place hoping that it would just all go away — you may get your wish, but not likely before the IRS deadlines 😦  I’d recommend finding a consultant to partner with who can help you get up to speed quickly — it might cost you, but I don’t think that you want to pay the IRS fines instead.

Making the HR connection, yours,

What The Girl In HR is Reading: Monday Nov 7

I’m coming up for air to share what I’ve been reading that is not baby, toddler, eating, breastfeeding, motherhood related 🙂

I also decided to mostly steer clear of anything 2016 election related (for now) … but that doesn’t mean that there still isn’t a TON of stuff going on that might peak your HR interest!

Here are a few things that got me thinking over the last week!

  • As an HR girl who is currently focusing in on the “compliance” space –this one was one worth sharing– I for sure feel it in my space and know that others are as well. If you’re having a hard time getting your fellow HR peeps or even your managers on board, this is a good read to help understand the “why” and maybe even get you (and your organization) thinking about what might be next… and maybe even what you can do to be more proactive –>

    As compliance pressure mounts, businesses turn to regulatory technology

    https://techcrunch.com/2016/10/18/as-compliance-pressure-mounts-businesses-turn-to-regulatory-technology/?ncid=rss#comments

  • Let’s all shed a tear as we say GOODBYE to Twitterfeed which shut down as of Oct 31. Bummer– I LOVED Twitterfeed — if you were a Twitterfeed lover — what, if anything, will you be using now?

Twitterfeed To Shut Its Doors

http://www.aristocratworld.com/2016/10/twitterfeed-to-shut-its-door.html

  • Competition much? … er, its in my top 5 😉  — what do you think? Agree?

The good and the bad of keeping score at work

http://www.humanresourcesonline.net/good-bad-keeping-score-work/

  • Okay … so ONE thing related to the elections — things that you might need to look at depending on which candidate wins on Nov 8.  That’s not picking or advocating a side, that’s just gathering information — 🙂

Possible Clinton & Trump Results for Human Resources

http://www.cutimes.com/2016/11/02/possible-clinton-trump-results-for-human-resource?ref=hp-top-stories

8 Presidential Election Issues That Impact Your Workplace

http://www.blogging4jobs.com/hr/8-presidential-election-issues-workplace/

What caught your HR eye recently?

Yours,

Simple Ways to Say Thank You #HRGoodness

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So this isn’t some big strategic or deep post — its more of a reminder. Sometimes we get so caught up in the “big” things, the “little” things get neglected. Its the holiday season and that is always a time for me to reflect and think about all that I’m thankful for. A big part of the season, not only as an HR pro, but just for me personally, is taking time to sincerely thank all of those people who are special to me — especially after the year that I’ve had this year. 🙂 It may be a “thank you” for something very specific, or it could be a way to expressing how much I appreciate having someone in my life.  One of my love languages is “receiving gifts” and one of my top five StrengthsFinder strengths is “Individualization” — so I love to give gifts as much as I get them :). However, sometimes my gift giving list gets pretty long — when I think about people I work with and other professional colleagues… and at some point, if you’re like me, you list gets to be pretty big and you’re giving people trinkets just to give them something and stay within budget – but it kinda misses the mark  it’s not just about giving gifts — it’s about what’s behind it. Often times, simple is better.

You can’t always throw a big party, have a large lunch, or give the day off — but here are a few free or low-cost ideas that you can use to say thank you or show appreciation to your team or teams that you support.

Say THANK YOU, its simple and to the point .. and I find that people don’t do it nearly enough. A meaningful “thank you” goes a long way with a long of people – and its totally free.

Write a handwritten heart-felt note … or for some of your peeps, they may prefer it via socmedia.

Print (and/or frame) a photo with a fun memory or event from the year – maybe from a team outing, conference, event.

Make a home-made treat — or maybe pick up a special treat. Personally I take note of what people’s favorite treats are (or have new employees fill it out on a “get to know you form”) and I try to personalize it (that’s my individualization again). But sometimes just providing a simple treat whether they are cookies or a fruit salad – the thought can convey appreciation. I know we’re all busy, but try NOT to just leave it on someone’s desk or chair — if possible give to them in person and spark a conversation.

Set up some quality time — whether it’s a pot luck, volunteering together, going for a walk in the park, bowling — spending quality time with folks says “I care” and “I appreciate you”.. and want to spend some time with you.

What are some of the ways that you show appreciation to your employees, teams, or colleagues and spread #hrgoodness?

 

 

The Girl in HR’s #SHRM15 Tip No. 14

Its hard to model wellness — especially away from home… and in Vegas — but do your best to make conscience decisions and if you’re going to indulge, do it wisely.  As HR ppl, we ARE leaders in this area for our teams and leaders.

The healthy stuff might be harder to find, but your body will appreciate it — when you get back home (and adjusting to this desert heat).  What happens in Vegas, stays in Vegas — I’m gonna try to leave behind some of those empty calories! (note: as I write this the caterer JUST walked past me with a tray of chewy chocolaty brownies, on of my favs). Its not easy.. not an understatement.

Hope you’re having a great conference!

Making the HR Connection, yours