Share

Northwest OH Legal Blog

Friday, January 13, 2017

Internal Revenue Service Issues 2017 Cost-of-Living Adjustments for Retirement Plan Limits


On October 21, 2016, the Internal Revenue Service (“IRS”) announced cost-of-living adjustments to dollar limitations for items affecting tax-qualified retirement plans under the Internal Revenue Code (“Code”) in 2017.  The announcement includes the following highlights for 2017:

  • The elective deferral (contribution) limit for employees who participate in Code Section 401(k), 403(b), most 457 plans, and the federal government’s thrift savings plan remains unchanged from the limit in 2016, $18,000.
  • The catch-up contribution limit for the above-listed plans for employees aged 50 and over also remains unchanged from the limit in 2016, $6,000.
  • The annual benefit limitation for defined benefit plans under Code Section 415(b)(1)(A) increased by $5,000, from $210,000 in 2016 to $215,000 in 2017.
  • The annual addition limit for defined contribution plans under Code Section 415(c)(1)(A) increased by $1,000, from $53,000 in 2016 to $54,000 in 2017.
    Read more . . .


Wednesday, January 11, 2017

IRS Extends Distribution (Not Filing) Deadline For ACA Reporting And Continues Good Faith Standard


The IRS has announced an extension to the distribution (but not the filing) deadline for the Affordable Care Act (ACA) reporting requirements set forth in Sections 6055 and 6056 of the Internal Revenue Code (the "Code"). This was announcement was made through Notice 2016-70.

Under Code Section 6055, health coverage providers are required to file with the IRS, and distribute to covered individuals, forms showing the months in which the individuals were covered by "minimum essential coverage." Under Code Section 6056, applicable large employers (ALEs), which general are those with 50 or more full-time employees and equivalents, are required to file with the IRS, and distribute to employees, forms containing detailed information regarding offers of, and enrollment in, health coverage. In most cases, employers and coverage providers will use Forms 1094-B and 1095-B and/or Forms 1094-C and 1095-C.
Read more . . .


Tuesday, December 20, 2016

What Injured Workers Need to Know About the Calculation of Their Workers’ Compensation Payments


The Ohio Bureau of Workers’ Compensation (BWC) compensates Ohio workers who are hurt on the job in two ways. First, it pays for approved medical treatment related to a workplace injury. Second, it provides different forms of indemnity payments, which are generally meant to provide financial support to injured workers who are unable to work because of their injury.

Unfortunately, these payments are not equal to the wages a Workers’ Compensation Claimant was making at the time of the injury. Most compensation payments are a percentage of the wages earned by the Claimant in the year prior to the injury, known as the Average Weekly Wage (AWW).
Read more . . .


Wednesday, December 14, 2016

IRS Releases Final ACA Reporting (Forms 1095-C And 1094-C) and Instructions for 2016


The Internal Revenue Service has released its final instructions on Forms 1095-C and 1094-C. The 1094 and 1095 C Forms are filed by applicable large employers (ALEs). The 1094 and 1095 B Forms are filed by providers of health coverage (mostly insurers but also some self-insuring employers and others). The new 1094 and 1095 C Form instructions generally follow the final 2015 instructions, but have added some clarifications and additions.

Under the Affordable Care Act (ACA), the "Employer Mandate" requires ALEs to offer compliant coverage to all of their fulltime employees (defined as those who regularly work at least 30 hours per week) or pay additional taxes for failure to do so.
Read more . . .


Monday, December 5, 2016

AFFORDABLE CARE ACT—STILL ALIVE AND KICKING


AFFORDABLE CARE ACT—STILL ALIVE AND KICKING

UPDATED ON NOVEMBER 21, 2016

PLANS MUST STILL COMPLY WITH ACA REPORTING RULES FOR 2016

The Affordable Care Act’s “employer shared responsibility provisions” require that certain employers (called applicable large employers or ALEs) must either offer “minimum essential coverage” that is “affordable” and that provides “minimum value” to full-time employees (and their dependents) or potentially be prepared to remit an employer-shared responsibility payment to the Internal Revenue Service(“IRS”).  These employer shared responsibility provisions are sometimes referred to as “the employer mandate” or “the pay or play provisions.”  Many employers fall below the ALE threshold number of employees and, therefore aren’t subject to the employer shared responsibility provisions.  However, those multi-employer health and welfare plans or ALEs that fall under these complicated shared responsibility provisions must file reports with the IRS on a timely and accurate basis to prove they are in compliance with current Affordable Care Act regulations.  Read more . . .


Tuesday, November 15, 2016

Prescription Coverage Under Workers Compensation


When someone suffers a workplace injury, the Bureau of Workers’ Compensation (BWC) is required to reimburse the worker for all medical treatments related to his or her workplace injury. This includes medications necessary to treat all allowed conditions. But like everything else in Workers Compensation, prescription coverage is a process.

Prescriptions are managed by a third party called OptumRX. Prescriptions can be filled at your local pharmacy as long as it is BWC certified.
Read more . . .


Thursday, November 10, 2016

United States Department of Justice Files Criminal Charges against Taft-Hartley Funds’ Contributing Employers for Mail Fraud


The United States Department of Justice (“DOJ”) has filed a criminal complaint (United States v. Christopher Thompson, Kimberly Thompson, Air Quality, Inc. and AQE, Inc., Cause Number 1:16-cr-10014, District Court of Massachusetts) against the owners of two delinquent employers, Air Quality, Inc. (“Air Quality”) and AQE, Inc.
Read more . . .


Thursday, October 27, 2016

Beneficiary Designation Review Time


            As practitioners, we encourage plan participants, trustees and plan administrators to constantly spread the message that beneficiary designation forms should be reviewed annually and updated to make it perfectly clear who should inherit pension plan annuities, 401(k) balances and even death benefits.  We advise that plan sponsors place written reminders on plan websites, quarterly statements and communications’ materials mailed annually in addition to announcements made during enrollment and union meetings.  But it seems that, despite our best efforts to remind participants to review and when necessary, change who they name as beneficiaries on their retirement accounts, life insurance policies and pension plans, they either never fill out forms, forget to update forms when their lives change or don’t get the proper signatures on their forms to begin with.

            So why does it really matter whether these beneficiary designations are ever completed or updated after a marriage, divorce or other life-changing event?  It matters for several reasons actually.  Primarily, if participants do not complete any beneficiary designation, the plan administrator must follow the written rules of the retirement plan or group life insurance policy and designate the “default” beneficiary as the one who will receive the assets upon the participant’s death.
Read more . . .


Thursday, October 20, 2016

Workers' Compensation Claims Against Self-Insured Employers


In every Workers’ Compensation claim, it is important for the injured worker to know the difference between the two types of employers in the Ohio Workers’ Compensation system: State-Fund Employers and Self-Insured Employers. In particular, the injured workers should be aware of the differences if the employer is self-insured.

Remember, the Workers’ Compensation system is an insurance by which employees are compensated for medical benefits and lost time due to a workplace injury. State fund employers pay premiums to the Ohio Bureau of Workers’ Compensation (BWC), which in turn pays benefits and handles the initial processing of the employer’s Workers’ Compensation claims. In contrast, the self-insured employer itself is responsible for paying Workers’ Compensation benefits, and it handles the initial processing of the claim.
Read more . . .


Tuesday, October 11, 2016

Court Rules that Employer’s Wellness Program is Voluntary Under Americans With Disability Act But Finds Possible Retaliation And Interference


A federal district court in the Eastern District of Wisconsin has ruled in favor of an employer in an action brought by the EEOC under the Americans With Disabilities Act against an employer who implemented a wellness program requiring employees to take a health assessment to participate. The case is EEOC v. Orion Energy Systems, Inc., No. 14-CV-1019 (E.
Read more . . .


Tuesday, October 4, 2016

Internal Revenue Service Issues Guidance Regarding Waiver of 60-Day Rollover Requirement


In Internal Revenue Service (“IRS”) Procedure 2016-47, the IRS announced that a taxpayer who fails to meet the 60-day requirement for indirect rollovers from retirement accounts may make a written self-certification to an individual retirement account (“IRA”) trustee or a plan administrator that the rollover contribution satisfies one of 11 specific reasons listed in the IRS Revenue Procedure 2016-47 for excusing the missed 60-day deadline.

The trustee or administrator may rely on the taxpayer’s self-certification, subject to verification if the taxpayer is audited.  The certification must match the sample in the appendix of IRS Revenue Procedure 2016-47 word for word or be “substantially similar in all material respects.”  To qualify for relief from the 60-day requirement, the IRS must not have previously denied relief to the taxpayer for the rollover in question, and the taxpayer must have missed the 60-day deadline for one of the following reasons:

  1. The financial institution receiving the contribution or making the distribution to which the contribution relates made an error. 
  2. The distribution check was misplaced and never cashed.
    Read more . . .


Archived Posts

2020
2018
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
October
September
August
July
June
May
March
February
January
2015
November
October
September
August
July
June
May
April
March
2014
October
September
July
June
May
April
March
February
January
2013


With an office located in Toledo , OH Allotta Farley Co., L.P.A. serves clients throughout northwest OH with various legal matters. Areas of service include Allen County, Ashland County, Auglaize County, Crawford County, Defiance County, Erie County, Fulton County, Hancock County, Hardin County, Henry County, Huron County, Lucas County, Marion County, Mercer County, Morrow County, Ottawa County, Paulding County, Putnam County, Richland County, Sandusky County, Seneca County, Van Wert County, Williams County, Wood County, Wyandot County.

Disclaimer
Hiring an attorney is an important decision which should not be based solely on advertising. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.



© 2020 Allotta | Farley Co., L.P.A. | Disclaimer
2222 Centennial Road, Toledo, OH 43617
| Phone: 419.535.0075

Labor Union Representation | Taft–Hartley/Multiemployer Benefit Plans | Unemployment/Appeals | Public Pension Disability Claims | ERISA Disability | Attorneys

Law Firm Website Design by
Zola Creative