Allen Steinberg : Perspectives

Employee benefit plans—especially retirement and health care—have become an increasingly important part of the employment relationship. For employers, these plans represent an important part of the total compensation package, a tool for retention and recruitment, and a growing financial and compliance burden. For employees, these plans represent a key part of their overall financial security and wellbeing, a financial burden, and a source of complexity and frustration. In effect, it’s complicated. Our firm is dedicated to helping employers manage these complexities and focus on the important things.

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Allen Steinberg

05.12.2017 09.28 CST

The Senate tax act (H.R. 1) would make significant changes to individual and corporate tax rules. The bill leaves employment-related plans (largely) unscathed, but still has a number of provisions that will affect these plans. Most notably, the bill eliminates the individual mandate under ACA and adds a temporary tax credit for paid family and medical leave programs. And, although there are few direct changes to comp and benefits rules, the larger changes to the tax code are likely to impact employer-sponsored plans over the longer term.

The Senate Tax Bill: A Benefits Perspective

This bill does not make dramatic changes to rules governing employer-sponsored plans. So, for now, the HR community can finish enter 2018 without the distraction that more dramatic changes would have been generated. Photo credit Ted Hartz, 2017

deductions inc taxes

The Senate has now passed its version of a revamp to the tax code (H.R. 1). The legislation makes significant changes to many provisions of the code, including changes to corporate and individual taxation. A number of compensation and benefits changes, including elimination of the ACA’s individual mandate, are included in the bill. However, the core rules governing employer-sponsored retirement and healthcare benefits are unchanged.

Allen Steinberg

26.11.2017 03.24 CST

Allegations about a fraudulent multiple employer plan raises concerns about the Trump Administration efforts to increase availability of similar plans.

A Sheep in Black Wolf’s Clothing: A Cautionary Tale

The Department of Labor has shut down a multiple employer welfare association (MEWA) plan that allegedly pocketed health insurance premiums and left tens of millions in unpaid claims. There are some important lessons to be learned.

fraud MEWA

The U.S. Department of Labor has taken legal action against a multiple employer welfare association (MEWA) plan, alleging the MEWA organizers fraudulently pocketed tens of millions of dollars, while leaving claims unpaid. There are some important lessons to be learned as the Trump Administration’s seeks to increase the use of similarly structured Association Health Plans (AHPs).

Allen Steinberg

16.11.2017 09.26 CST

Some employers will be receiving IRS Letter 226J in the coming weeks. It is not likely that this letter will bring good news.

Internal Revenue Service Prepares to Levy 2015 ACA Penalties

The IRS is poised to begin levying (potentially significant) penalties on employers, under the ACA’s employer mandate, for 2015.

affordable coverage Form 1094-C penalty tax

The Affordable Care Act (“ACA”) remains on the books. And, in a significant new development, the IRS is poised to begin levying penalties on employers, under the ACA’s employer mandate, for 2015. These penalties may be significant and it we cannot anticipate any “relief” reaching back to 2015.

Allen Steinberg

04.11.2017 12.57 CDT

The Centers for Medicare & Medicaid Services (“CMS”) has issued new proposed regulations regarding the operation of health insurance exchanges under the Affordable Care Act (“ACA”). These proposed regulations will provide increased authority to states and insurance companies.

The (Ongoing) Saga of ACA: New Proposed Regulations

Proposed regulations will transfer control over key decisions from the federal government to individual states and insurance companies.

Employers Exchange Healthcare Costs Regulations repeal

Proposed regulations will transfer control over key decisions from the federal government to individual states and insurance companies. The proposed regulations do not, directly, make significant changes to the health insurance coverages offered under ACA. However, they set the stage for such changes to occur in coming years.

Allen Steinberg

03.11.2017 11.01 CDT

The newly unveiled Tax Cut and Jobs Act proposes some major changes to the tax code. However, lurking in the 430-page draft are many important smaller provisions that will affect the HR world.

Tax Cut and Jobs Act: A Benefits Perspective

The Tax Cut and Jobs Act leaves employer-sponsored retirement and health plans unscathed. Other compensation and benefit plans were not so lucky.

deductions income taxes

The proposed Tax Cut and Jobs Act (“TCJA”) has generated a number of big stories with big numbers, such as $1.5 trillion to lower individual tax rates and $1.5 trillion to lower corporate tax rates. But, also lurking in the 430-page draft, are many important “smaller” provisions that will affect the HR world.