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Group Health Plan Excise Tax Reporting Obligations Coming in 2010
Groom Law Group [Guidance Overview] Oct. 14, 2009 Excerpt: With the publication of final regulations on excise tax reporting, effective January 1, 2010, employers who sponsor group health plans now will be required to report and pay excise taxes for failing to satisfy certain federal group health plan mandates, unless timely corrected. In addition, excise tax reporting is required if comparable employer contribution rules are not satisfied for health savings accounts (HSAs) and Archer medical savings accounts (MSAs). Failure to file the excise tax return and pay the excise tax on or before the required due date will result, under Internal Revenue Code section 6651, in penalties and related interest unless the failure to timely file or pay is due to reasonable cause and not to willful neglect. |
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