The Enforcers….Are You Ready?
The Obama Administration has had 8 months to place people into administrative roles. We are now deemed to get a flavor for how things will be handled.
Under the Bush Administration, the philosophy of the IRS and Treasury Department, the Department of Labor, and the Centers for Medicare and Medicaid Services, among others, was very much compliance-assistance driven. Much effort was placed in providing tools to help employers to comply with the myriad rules and regulations that govern employee benefit plans.
This Administration, as voiced by Phyllis Borzi, the head of the DOL’s Employee Benefit Security Administration, and Secretary of Labor Hilda L. Solis, as well as actions taken by the Department of Health and Human Services and the CMS Office of Civil Rights relating to HIPAA privacy compliance, is that now that the tools of compliance are in place, enforcement will be diligently pursued. Now, more than ever, it is very important to ensure that the T’s are crossed and the I’s are dotted.
The information contained in this Benefit Beat is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations.
As required by U.S. Treasury rules, we inform you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this Benefit Beat is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service