Ubiquity Retirement + Savings
Nexus Administrators, Inc.
Actuaries Unlimited, Inc.
West Coast TPA Firm
ftwilliam.com / Wolters Kluwer
The Ryding Company
Benefit Comply, LLC
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|IRS Requirement of Reporting and Excise Taxes for Health Plan Non-Compliance|
Feb. 9, 2010
Excerpt: This new reporting obligation makes compliance with group health plan requirements more important than ever. To avoid excise taxes under this new self-reporting regime, employers and administrators of group health plans should have procedures and processes in place that are reasonably designed to ensure compliance. If plan failures nonetheless occur, the employer and other responsible parties must promptly take action to correct the violation within 30 days, or face expensive excise tax penalties.
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