CMS released a broad-ranging proposed rule for the Medicare Advantage and Part D Programs on Thursday, November 16, 2017. The proposed rule addresses a broad and diverse range of MA and Part D regulatory requirements, affecting not only Medicare Advantage Organizations and Part D Sponsors, but also health care providers, pharmacies, pharmaceutical manufacturers and others.
On Wednesday, both houses of Congress voted to pass the final tax reform bill (the Act) and send it to President Trump for signature. The Act represents the most sweeping overhaul of the tax code in decades and will have a significant impact on businesses and individual taxpayers. The final bill also includes changes that will impact employer-provided benefits, including fringe benefits, certain types of executive compensation and benefits provided through tax-qualified retirement plans.
For more information about some of these changes, please see our On The Subject publications or visit our Tax Reform Resource Center.
Joe Urwitz, Todd Solomon and Chris Nemeth discuss provisions of The Employee Retirement Income Security Act of 1974 (ERISA) of particular relevance to tax-exempt entities and their investment managers, as well as ongoing litigation against Section 403(b) plans.
On Monday, November 27, 2017, the Social Security Administration announced (announcement here) that the it is lowering the maximum amount of earnings subject to the Social Security tax for 2018 to $128,400. The Social Security Administration had previously announced the amount as $128,700. The revision is the result of updated wage data reported to Social Security. Our On The Subject article has been updated to reflect the lower amount.
Both the House and Senate versions of tax reform propose significant changes that may reduce or eliminate the tax benefits of many popular employer-provided fringe benefits, such as dependent care assistance programs, on-premises gyms and bicycle commuting expense reimbursements. In addition, many common deductions for work-related activities—including certain meal and entertainment expenses—may see sweeping changes.
After spending a year on the brink of repeal, the Affordable Care Act is alive and well. ACA reporting is just around the corner, so join McDermott partners Judith Wethall and Finn Pressly for a refresher course on everything you need to know about the Forms 1094-C and 1095-C. The 45-minute conversation will also include up-to-the-minute updates on the government’s ACA enforcement activity, including a review of the IRS’s procedures for appealing employer mandate penalty assessments.
Date
Friday December 1, 2017
Time
12:00 pm – 12:45 pm CDT
1:00 pm – 1:45 pm EDT
Mark your calendars for the first Friday of every month! McDermott’s Employee Benefits Group will be delivering timely topics in our “Fridays With Benefits” monthly webinar series.
The IRS has taken actions indicating that employer mandate penalties under the ACA are about to be enforced. The recently updated Questions and Answers on Employer Shared Responsibility Provisions Under the Affordable Care Act includes the section, “Making an Employer Shared Responsibility Payment,” which expands specifically upon the soon-to-be-issued Letter 226J and what that will include. Continue Reading.
The US House of Representatives Committee on Ways and Means proposed Tax Cuts and Jobs Act intends to reduce corporate and individual tax rates. To pay for the proposed changes, the House Tax Bill would, if enacted, negatively impact long-standing current executive compensation practices.
With only two months left in the year, it’s time to make sure your-end tickler list is complete! Join us for a roundtable discussion with McDermott partners Judith Wethall, Finn Pressly, Andrew Liazos, Diane Morgenthaler and Jeff Holdvogt which will cover the employee benefit issues you’ll need to cross off your list before Year’s Eve.
Date
Friday, November 3, 2017
Time
10:00 – 10:45 am PDT
11:00 – 11:45 am MDT
12:00 – 12:45 pm CDT
1:00 – 1:45 pm EDT
Mark your calendars for the first Friday of the Month! McDermott’s Employee Benefits Group will be delivering timely topics in our “Fridays With Benefits” monthly webinar series.
The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2018. Although some of the dollar limits currently in effect for 2017 will remain the same, the majority of the limits will experience minor increases for 2018.
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