Read up on our second quarterly blog of 2024.
ACA Information Reporting Penalties Increased for Returns Filed in 2025
IRS Revenue Procedure 2023-34 includes updated penalty amounts that may apply to reporting entities that fail to comply with the Affordable Care Act’s (ACA) requirements under Internal Revenue Code Sections 6055 and 6056. The increased amounts apply to 2024 information returns and individual statements that are required to be filed and furnished in 2025. Refer to this article to learn more.
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Form 5500 Deadline is July 31
Each year, employers that are subject to the Employee Retirement Income Security Act of 1974 (ERISA) must electronically file an annual report (Form 5500) for each employee benefit plan they maintain unless a filing exemption applies. Employers with employee benefit plans that operate on a calendar-year basis must file their annual reports for 2023 with the U.S. Department of Labor (DOL) by July 31, 2024. An employer may extend this deadline by 2.5 months (until October 15, 2024) by filing Form 5558 with the IRS by July 31, 2024.
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OFLA & Paid Leave Oregon – 7/1/2024 Changes
The Oregon legislature passed Senate Bill 1515 A to help minimize the duplicative provisions of Paid Leave Oregon and Oregon Family Leave Act (OFLA) and minimize leave stacking under these two laws. The majority of the changes will go into effect on July 1, 2024, which means Oregon employers and leave vendors will need to prepare. In addition, Senate Bill 1514 addresses solvency of the state program. This article is a recap of the most significant changes brought by both bills.
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Mental Health Parity Compliance Remains a Key Focus in 2024
The federal government is continuing its efforts to improve access to mental health and substance use disorder (MH/SUD) care in 2024, with a top enforcement priority being compliance with the Mental Health Parity and Addiction Equity Act (MHPAEA) for employer-sponsored health plans.
