In June of 2019, the IRS issued rules that allow health reimbursement arrangements (HRAs) to be included with individual health insurance coverage if certain conditions are satisfied. In October, the IRS has clarified the rules concerning the application of employer shared responsibility provisions for HRAs integrated with employer-provided healthcare coverage. These proposed regulations are meant to facilitate the adoption of HRAs by employers. Therefore they have broad application extending to employers, employees (and their families) as well as plan sponsors.
Healthcare can be a confusing topic for non-specialists. So firms must do their due diligence when offering tax advice on these complex and personal issues. The IRS has provided greater clarity on the regulations issued this summer. However, there are still many factors to take into account. Firms need to consider related provisions of the ACA, multiple types of coverage that receive reimbursement, and employer eligibility requirements. Offering your clients the highest level of service requires in-depth and relevant information as well as tools that contextualize the information.
Turn hours of research into an opportunity to provide premium client service
CCH Axcess iQ provides your business advanced methods for dealing with situations like this. It combines thorough editorial content with analytics that help you take action for your clients. Any time an important tax event presents itself, iQ turns hours of research and guesswork into an opportunity to increase billable hours, mitigate risk, and provide better service for your clients. All these benefits put your firm at a competitive advantage. Firms without this advantage will soon be struggling to differentiate themselves in an increasingly commoditized industry.
These final regulations apply for plan years beginning on or after January 1, 2020. That means there is still time to use CCH Axcess iQ to plan with your clients. See the full potential of the predictive intelligence provided by CCH Axcess iQ. Contact a Solutions Consultant or register for a demonstration today.