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Shared Responsibility Payments under PPACA: Notice 2012-58 and Beyond

Shared Responsibility Payments under PPACA: Notice 2012-58 and Beyond
Product Code - PYAU01
Speaker(s): Jerri Langer, Esq, COKALA Tax Information Reporting Solutions, LLC
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Starting in 2014, employers that on average employed 50 or more full-time equivalent employees on business days during a preceding calendar year who fail to offer affordable qualified health insurance may be subject to a Shared Responsibility Payment if any of their full-time employees are certified to receive an applicable premium tax credit or cost-sharing reduction payment and acquires health insurance coverage through one of the new Insurance Exchanges. Failure to address these requirements could be very costly to your organization since the payment is based on $2000 for each full time employee or $3000 for each full time employee who acquires insurance through one of the Exchanges.

On Dec. 28, 2012, the Treasury Department and the IRS issued proposed regulations on the Employer Shared Responsibility provisions and new questions and answers on its website. Last year, the IRS released Notice 2012-58 which expanded upon other guidance and described safe harbors that employers may use to calculate full-time equivalent employees; to ascertain whether certain workers are full-time employees and to establish whether offered health insurance coverage is affordable at least through the end of 2014. It also released Notice 2012-59 which provided related guidance for group health plans on the waiting periods they may apply before starting coverage. Much of these provisions have been included in the proposed regulations; but, there are gaps and unresolved matters that still need to be worked out. Learn how the provisions are intended to work and how others are considering handling them in this session.

Join noted payroll consultant Jerri LS Langer, with Cokala Tax Reporting Solutions, as she covers the basics proposed in the regulations: how the Shared Responsibility Payments will work, who will be held accountable, how the assessments will be calculated, what are affordable qualified health insurance plans, and how you will know if you are exposed to the penalties. In this session you will learn about:
• Who are the large employers subject to these provisions and how to determine if you meet the standard as well as the safe harbors the IRS has proposed for new hires and temporary or seasonal workers.
• What is the optional look-back period (standard measurement period) to determine full-time employees as well as different periods for collectively bargained employees; salaried employees and hourly employees; employees of different entities; and employees located in different States.
• How will the 90-day waiting period work.
• How to calculate the Shared Responsibility Payment amounts if you fail to offer qualified insurance or have qualified insurance but an employee acquires Exchange coverage anyway, and just what is required to be a qualified insurance plan.
• Payments are to be assessed on notice and demand, just like a penalty. We will explore what this may mean.
• Information reporting will be required to assist the IRS in identifying who may qualify for the premium assistance tax credit. The IRS will need to know who has affordable employer-sponsored coverage so insurers and employers need to be prepared to report. We will learn what is proposed.
• What are the gaps and concerns and what is being done to close them.
• The Supreme Court holding and other court cases in the works that could still affect this implementation.

Register quickly and easily online to secure your space now. Or, please call 1-800-372-1033 option 6, then sub-menu option 1, and refer to date and title of conference. Lines are open Monday through Friday from 8:00 a.m. to 8:00 p.m. ET, excluding most federal holidays.
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Prerequisite: No prerequisites required
Level: Basic

Delivery Method: Group-Internet

Advanced Preparation: None required
Recommended CPE Credit: 1.5

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Jerri Langer, Esq, COKALA Tax Information Reporting Solutions, LLC

Jerri Langer is a nationally respected information reporting and withholding consultant who provides a wide range of tax advisory services to many Fortune 500 companies around the world. She is a founding member of the Cokala Tax Group, an advisory services firm offering experienced, efficient and practical help in meeting obligations for tax withholding, payee documentation, tax information reporting, and related issues including income classification. She has twice been appointed a member of the IRS Commissioner’s Information Reporting Program Advisory Committee (IRPAC), serving in 2009-2011 and in 1999-2000. Prior to Cokala, she served as a Director in Balance Consulting, an organization specializing in tax reporting and withholding compliance; and earlier as chief tax compliance officer of ProBusiness Services Inc. Jerri learned much of her trade as a Director in Deloitte & Touche, where she gained a national reputation assisting clients in complying with domestic and international tax reporting and withholding requirements. She received her JD and LLM in Taxation from the University of Florida - College of Law (1982) and is a member of the Florida and Michigan bars.

Jerri authors the AAPA Guide to Accounts Payable published by Aspen in conjunction with the American Accounts Payable Association, an affiliate of the American Payroll Association, and she contributes to The Payroll Answer Book and The California Payroll Guide, also Aspen publications. She is also the author of articles and commentaries which have appeared in a number of widely circulated publications; has been quoted in professional journals; and is a frequent lecturer around the country on these topics.