New Law Affects Form 5500 Filings, Employer Mandate & HSAs

On July 31, 2015, President Obama signed into law H.R. 3236, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.”

The new law includes the following tax provisions: 

• With respect to the employer mandate, veterans enrolled in a health plan under the VA or TRICARE would be exempt from being counted in the 50 full-time employee threshold.  

This change is effective as of January 1, 2014.

• Eligible veterans are not disqualified from contributing to a Health Savings Account (“HSA”), as a result of receiving medical care under the VA for a service related disability.  In the past such coverage would have made them ineligible to contribute to an HSA.

This change is effective January 2016.

• The maximum extension for the returns of employee benefit plans filing Form 5500 shall be an automatic three and one-half month period ending on November 15 for calendar year plans.  It had been an automatic two and one-half extension in the past.

This change is effective for taxable years beginning after December 31, 2015.
 
Click on the link below for a copy of the new law:

http://resources.evans-legal.com/wp-content/uploads/2015/07/00013740.pdf  

If you have any comments or questions regarding any of the above information, please do not hesitate to call me at (708) 717-9638 or e-mail me at larry@larrygrudzien.com

Thank-You, Larry Grudzien, Attorney-At-Law