On December 22, 2010, the Internal Revenue Service released Notice 2011-1, which defers application of certain nondiscrimination requirements applicable to insured group health plans under the Affordable Care Act. This comes as great relief to plan sponsors, who would have been subject to substantial penalties with no regulatory guidance to inform them of their obligations (consequences for noncompliance include an excise tax of $100 per day per affected individual, as well as equitable relief under ERISA). Read this alert to learn more about the notice and its ramifications.
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Health Care Reform Q&A is facilitated by the VSCPA Insurance Center. Have a question? Leave a comment, or contact the VSCPA Insurance Center directly. This document is not intended to imply or provide tax or legal advice and is the VSCPA Insurance Center's current interpretation of the Health Reform Bill.
CPA Day of Service is right around the corner — September 24.
At last year's inaugural CPA Day of Service, more than 600 volunteers pitched in to help communities across the state. On September 24, plan to roll up your sleeves for CPA Day of Service 2010!