ADP Research Institute

Eye on Washington: Legislative Updates

Updated on May 08, 2015

FUTA Tax Increases Are Likely to Continue in 2015

The Federal Unemployment Tax Act (FUTA) tax rate is normally 0.6% of wages paid up to a limit of $7,000 per worker, or $42 per employee per year. However, employers in as many as five states and the U.S. Virgin Islands may pay an increased FUTA tax rate in January 2016, based on FUTA taxable wages paid in the affected jurisdictions during 2015.

HEALTH CARE REFORM

The U.S. Supreme Court Rules That ACA Subsidies Are Available for Health Insurance Purchased on Federal Exchanges (Marketplaces)

Jun 25

On June 25, 2015, the U.S. Supreme Court (the Court) released its decision in King v. Burwell, regarding whether the Affordable Care Act (ACA) permits the Internal Revenue Service (IRS) to provide tax credits for health insurance purchased through a federal Exchange (also referred to as the federal Health Insurance Marketplace)

HEALTH CARE REFORM

New Guidance on Electronic Filing of Affordable Care Act (ACA) Information Returns

Jun 3

On May 19, the Internal Revenue Service (IRS) released new “Questions and Answers” (FAQs) detailing how employers should report Offers of COBRA Coverage on Form 1094-C and Form 1095-C. This additional guidance from the IRS provides welcome information on some difficult reporting scenarios related to reporting offers of COBRA coverage.

HEALTH CARE REFORM

IRS Issues New FAQs About ACA Employer Information Reporting: Offers of COBRA Coverage on Form 1094-C and Form 1095-C

May 26

On May 19, the Internal Revenue Service (IRS) released new “Questions and Answers” (FAQs) detailing how employers should report Offers of COBRA Coverage on Form 1094-C and Form 1095-C. This additional guidance from the IRS provides welcome information on some difficult reporting scenarios related to reporting offers of COBRA coverage.

LEGISLATIVE UPDATE

IRS Releases 2016 HSA and HDHP Limits

May 8

On May 4, 2015, the Internal Revenue Service (IRS) via Revenue Procedure 2015-30, released limits on inflation-adjusted health savings account (HSA) contributions and high-deductible health plan (HDHP) contributions for calendar-year 2016.





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