Penalties, Taxes, and Fines, Oh My!
The Patient Protection and Affordable Care Act (PPACA) introduced a variety of new penalties, fines, and taxes that employers are working hard to avoid paying. Two significant penalties include the excise tax, and penalties faced by applicable large employers that do not meet their employer-shared responsibility play or pay obligations. Finally, the implementation of the Cadillac tax is looming, and although the industry is awaiting further regulation and guidance, understanding the basics can help you in the future.
This webinar will cover:
- The excise tax and what triggers them
- Self-reporting requirements of the excise tax and what happens if you don’t
- How to file IRS Form 8928
- The HSA comparable contribution rules and taxes for violations
- When the excise tax is not imposed
- Best practices to remedy excise tax violations
- The employer shared responsibility penalties
- How to calculate “A” penalties under play or pay
- How to calculate “B” penalties under play or pay
- When the penalties will be due
- The Cadillac tax- what we know, and what we are waiting for
- Best practices as the industry awaits Cadillac tax implementation
This 90-minute basic to intermediate webinar will help you determine when a penalty is owed and how to report non-compliance.
Kathleen R. Barrow, a Shareholder in the Rapid City, South Dakota, office of Jackson Lewis P.C., has designed welfare benefit plans and executive compensation arrangements, and has counseled sponsors and administrators of these types of plans, for fifteen years. She has appeared on behalf of clients before the national offices of the United States Treasury and the Department of Labor Employee Benefit Security Administration.
Ms. Barrow actively participates in national coalitions of counsel that assist employers in defending audits of welfare and pension benefit plans. She advises clients and counsel across the country with regard to defined contribution arrangements that provide post-retirement health benefits to employees.
Ms. Barrow received her law degree with honors from the University of Oklahoma College of Law in 1992, where she was a Managing Editor of the Oklahoma Law Review and a member of the Order of the Coif. She received her Masters in Business Administration degree in finance with high honors from Oklahoma City University in 2001. She is licensed to practice in Texas, Oklahoma, North Dakota, South Dakota, Nebraska and the U.S. Tax Court.
Contact your local UBA Partner Firm to receive a complimentary registration for this informative presentation or visit www.UBAbenefits.com.