Compliance Stuff

  Recent legislative changes have brought significant relief to employers grappling with the complexities of Affordable Care Act (ACA) reporting. The  Employer Reporting Improvement Act (Act)  and the  Paperwork Burden Reduction Act , once signed into law by President Biden, will introduce several key modifications to the ACA’s reporting and enforcement rules.  Background: Current ACA Reporting Requirements   Under the current ACA regulations, plan sponsors, particularly ALEs, must report information about the health coverage they offer to employees using Forms 1095-B and 1095-C. These forms must be filed with the IRS and furnished to all full-time employees and employees receiving employer-sponsored coverage.     Current ACA enforcement includes a tight 30-day turnaround to respond to IRS proposed Employer Shared Responsibility Payments (ESRP) assessments. These assessments are sent via US mail, often taking time to reach employer contacts. Thi...

  Several states are implementing new minimum wage increases that take effect on  January 1, 2025 . Employers must stay informed about these changes to ensure compliance and make necessary adjustments in their payroll systems. Below is a summary of the key updates and recommended next steps for employers.   Effective  January 1  the following states will have minimum wage increases:  Arizona Minimum Wage Increases to $14.70  California Minimum Wage Increases to $16.50  Colorado Minimum Wage Increases to $14.81  Delaware Minimum Wage Increases to $15.00  Illinois Minimum Wage Increases to $15.00  Maine Minimum Wage Increases to $14.65  Maryland Minimum Wage Increases to $15.00  Michigan Minimum Wage Increases to $10.56  Minnesota Minimum Wage Increases to $11.13  Montana Minimum Wage Increases to $10.55  Nebraska Minimum Wage Increases to $13.50  New Jersey Minimum Wage Increases to $15.49 ($14.53 for Small a...