NEW JERSEY ENFORCES THE INDIVIDUAL MANDATE STARTING JANUARY 1, 2019

ƒƒ New Jersey is the second state after Vermont to enact an individual mandate, which becomes effective January 1, 2019.  The purpose of P.L. 2018, Chapter 31 is to stabilize the market and help keep health insurance premiums as low as possible.  The tax applies to all New Jersey residential taxpayers. Hardship exemptions shall be determined by the State Treasurer.  …

Responding to Pay or Play Mandate Letters

If you have gotten, or may receive a non-compliance pay or play letter from the IRS, this important article can help you through the process. Published in Employee Benefit Adviser on July 6, click here for full article. These letters can range from the employer paying the penalty outright, paying a portion of the penalties, none of the penalties, attend …

First Employer Play or Pay Mandate Penalty Letter Received

From Savoy Benefits 11/17/17- A client has received Letter 226J from the IRS. This is the first client we have heard from that has been assessed and issued an employer mandate penalty. The proposed penalty is over $200,000. This employer has approximately 140 employees and offers coverage to all full-time employees and dependents using the federal poverty level (FPL) safe harbor. Why Did …

IRS Announces Procedures for the Assessment and Payment of Excise Taxes Under the Employer Shared Responsibility Mandate

From Savoy Benefits  11/9/2017 :   Basics of the Employer Shared Responsibility / Play or Pay MandateStarting in 2015, employers with at least 50 full-time including equivalent employees, on average, in the preceding calendar year, are subject to the Employer Shared Responsibility provision of the Affordable Care Act (ACA). All union, part-time, variable hour and seasonal employees are counted to …