With the inauguration of President Trump, the next era of U.S. healthcare reform has begun and Congress has taken initial steps to repeal the Affordable Care Act (ACA).
21st Century Cures Act Expands use of HRAs by Small Employers
The 21st Century Cures Act (“Act”), passed in late December, 2016, contains provisions for “Qualified Small Business Health Reimbursement Arrangements” (“HRA”). This new HRA would allow eligible small employers to offer a health reimbursement arrangement funded solely by the employer that would reimburse employees for qualified medical expenses including health insurance premiums.
21st Century Cures Act Expands use of HRAs by Small Employers
The 21st Century Cures Act (“Act”), passed in late December, 2016, contains provisions for “Qualified Small Business Health Reimbursement Arrangements” (“HRA”). This new HRA would allow eligible small employers to offer a health reimbursement arrangement funded solely by the employer that would reimburse employees for qualified medical expenses including health insurance premiums.
IRS releases 2017 standard mileage rates; business and medical/moving rates drop
The IRS has released the 2017 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes.
Tax refunds may be delayed, Filing season launches January 23rd
The IRS announces the beginning of the 2017 filing season and reminds taxpayers that the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) may impact certain refunds in 2017.