Form 8928 and Excise Tax Compliance
COBRA, HIPAA, Health Reform, and Other Rules
Available immediately
Excise tax penalties for violations of COBRA, HIPAA, and certain other rules have been on the books for many years. Several new health reforms are also subject to excise taxes. Yet until late last year, when Form 8928 was issued, there was no formal way to report and pay these taxes. Join our experts as they take you through the details of the new Form and suggest some practical methods of avoiding Form 8928 issues.
Originally presented on September 14, 2010.
Seminar Level
Topics Covered
Here’s some of what was covered:
- What types of compliance failures might trigger excise taxes under COBRA, HIPAA, health care reform, and other group health plan mandates (like mental health parity)?
- What excise taxes are potentially due, and what are the exceptions for “reasonable cause” and “reasonable diligence”?
- What documentation and compliance procedures might help avoid Form 8928 and excise tax liability?
- What correction methods can be used for failures that do occur?
- When must Form 8928 be filed and who is liable for payment? When can interest and penalties be assessed?
Note: A basic understanding of the underlying COBRA, HIPAA, health care reform, and other compliance rules will be assumed.
Details
Speakers: Sharon R. Cohen and Cheryl Risley Hughes. Ms. Cohen is an attorney in Towers Watson’s Research and Innovation Center in Arlington, Va., and a Contributing Author of EBIA’s Cafeteria Plans manual. Ms. Hughes is an attorney, Of Counsel with the Groom Law Group, Chartered, in Washington, D.C., a Contributing Author of EBIA’s Consumer-Driven Health Care and Fringe Benefits, and a Contributor to EBIA’s Health Care Reform for Employers and Advisors.
Handouts: A handout of the seminar slides and other information is provided through download.
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