Webinar   |  November 2, 2020

COVID-19 Impact on 2020 ACA Reporting

Presenters: Stacy Barrow, Esq.

View Presentation
 
The IRS released the final forms and instructions for 2020 ACA reporting during the week of October 12th and there were no modifications made to provide some relief to employer reporting in light of economic hardship generated by COVID-19.
 
Please join us as Stacy Barrow, Esq. reviews the impact of COVID on 2020 ACA Reporting.
 
COVID-19 Impact
  • Many employers were forced to make significant business changes due to the economic hardship encountered because of the pandemic including: terminations/layoffs, unpaid leave or furloughs and pay reductions, etc.
  • These business decisions and how they were implemented may have impacted an Applicable Large Employer’s affordability calculation for 2020.
ACA Reporting
  • Applicable Large Employers (ALE’s) who historically applied the W-2 or Rate of Pay Safe Harbors may find that their offers of coverage are no longer affordable or that the ALE is not able to apply a Safe Harbor such as Rate of Pay that does not allow for salary reductions as one of its Safe Harbor requirements.
  • Also, ALE’s who transitioned furloughed full-time employees to COBRA will likely find that COBRA rates were not affordable.
  • Applicable Large Employers should consider reviewing their affordability calculations to see if they have penalty exposure risks.

Stacy Barrow

Director of Compliance

Stacy is one of the nation’s leading experts on the Affordable Care Act. He uses a practical, business-focused approach to counsel his clients on all matters related to employee benefit plans. Stacy has extensive technical knowledge and experience designing and implementing health and welfare plans that meet the numerous and intricate requirements of applicable federal and state law.

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