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Business Insights, Research & Perspectives

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February 8, 2012

HSA-Eligibility for Individuals Receiving Indian Health Services

There has been an outstanding question about whether individuals receiving medical services by an Indian Health Services facility would be eligible to establish and contribute to a health savings account (HSA).  The IRS has recently issued a proposed change (IRS Notice 2012-14) that provides that as long as the individual has not received services from an Indian Health Services facility in the prior 3 months, then the individual would be eligible to establish and contribute to his/her HSA.  This is comparable to how the IRS views the manner in which VA services are rendered as it relates to HSA-eligibility.  The IRS and Treasury Department are accepting comments on this proposal until April 30, 2012. 

February 8, 2012

2011 Form M-1 Filing

Multiple employer welfare arrangements (MEWAs) are subject to an annual reporting requirement.  This annual reporting requirement is to be accomplished on the Form M-1.  The Department of Labor (DOL) has recently released the 2011 edition of the Form M-1 Filing Packet. The primary change to the 2011 form is the attestation of compliance with the group market provisions of the Patient Protection and Affordable Care Act.

February 8, 2012

Medicare Part D Reminder: Annual Disclosure Notice to CMS

Group health plans are required to submit an annual report to CMS describing whether the prescription drug coverage is creditable or not creditable. This filing must be accomplished electronically, and is due within 60 days of the beginning of the plan year. For calendar year plans, this means March 1, 2012.  CMS provides guidance and instructions to assist in completion with this annual reporting requirement.

February 8, 2012

Reminder: Triennial HIPAA Privacy Notice Obligation

Large group health plans that became subject to the HIPAA Privacy Rules by April 14, 2003 are fast approaching the 9th anniversary of HIPAA privacy applicability. This means that it is time to distribute the triennial reminder notice to covered individuals regarding the availability of their Notice of Privacy Practices and how to obtain one.

February 8, 2012

DOL Proposes FMLA Amendments

The Wage and Hour Division of the Department of Labor (DOL) is proposing to make certain amendments to the Family and Medical Leave Act (FMLA).  As background, the FMLA, applicable to private and public sector employers with 50 or more employees, provides for up to 12 weeks of leave per year to eligible employees for certain life events, such as birth or adoption of a child, or to care for the employee’s or family member’s serious health condition.  

January 26, 2012

Newly Released Final 2011 Form 990 Includes Significant Changes (article)

The IRS on January 21, 2012 released its final 2011 Form 990, Return of Organization Exempt From Income Tax, and accompanying instructions. This latest version contains several notable changes in key areas including reportable compensation, joint ventures and investment partnerships.

January 25, 2012

Cleaning up Your C Corporation – Getting Real Estate Out (article)

The sale of assets in a C corporation is subject to taxation at C corporation rates, ranging from 15% to 35% federal tax. On the other hand, long term capital gains on the sale of real estate in a partnership, an S corporation, or held outside an entity is taxed to individual owners at 15% for land and gains above original cost and at 25% on depreciation recapture for federal purposes.

January 25, 2012

Take Advantage of Net Unrealized Appreciation Rules on Distributions of Employer Stock (article)

If you have employer stock in your 401(k) or other employer-sponsored retirement plan and are contemplating changing jobs or retiring, you may be able to obtain special tax treatment on the portion of your distribution that represents net unrealized appreciation (NUA).

January 19, 2012

Updates for California Employers

San Francisco Health Care Security Ordinance

January 19, 2012

New Pilot Audit Program: HIPAA Privacy and Security Compliance

The health care privacy rules, which were included originally in the HIPAA law and later amended by the Health Information Technology for Economic and Clinical Health (HITECH) Act, enacted as part of the American Recovery and Reinvestment Act of 2009, are intended to protect the confidentiality of individually protected health information.  Included in the HITECH rules are some specific procedures requiring that individuals be notified of any breach of their personal information. 

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