Health & Welfare Plans Newsletter

BULLETIN
Supplement to
February 23, 2015

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[Official Guidance]

Text of IRS Notice 2015-16: Excise Tax on High Cost Employer-Sponsored Health Coverage (PDF)
26 pages. "This notice is intended to initiate and inform the process of developing regulatory guidance regarding the excise tax on high cost employer-sponsored health coverage under Section 4980I ... [which] applies to taxable years beginning after December 31, 2017. Under this provision, if the aggregate cost of 'applicable employer-sponsored coverage' ... provided to an employee exceeds a statutory dollar limit, which is revised annually, the excess is subject to a 40% excise tax. This notice describes potential approaches with regard to a number of issues under Section 4980I ... and invites comments ... The issues addressed in this notice primarily relate to [1] the definition of applicable coverage, [2] the determination of the cost of applicable coverage, and [3] the application of the annual statutory dollar limit to the cost of applicable coverage.... Treasury and IRS anticipate issuing another notice, before the publication of proposed regulations under Section 4980I, describing and inviting comments on potential approaches to a number of issues not addressed in this notice, including procedural issues relating to the calculation and assessment of the excise tax." (Internal Revenue Service [IRS])  

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David Rhett Baker, J.D., Editor and Publisher
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