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Prepare for Year End & What’s New in 2018

As usual, by this time of the year, we can hardly believe that Halloween is behind us and we’re already seeing Christmas decorations in stores! But just so you don’t get spooked, we’ve noted here some changes and deadlines on the horizon so you can be prepared!

White House Blocks New EEO-1 Wage Reporting Requirements
On August 29, 2017, the White House informed the Equal Employment Opportunity Commission (EEOC) that it has initiated “a review and immediate stay of the effectiveness of the pay data collection aspects” of the EEOC’s EEO-1 form, which would have required covered employers (100 or more employees) to report, for the first time, data on employee compensation and hours worked in addition to demographic information.

Companies have voiced concerns about the cost, security and confidentiality of providing this information, and its use by the federal government to target companies for audit.

While the announcement doesn’t prevent the EEOC from requiring such information in the future, it appears likely that employers will not be facing these requirements anytime soon.

Affordable Care Act (ACA) Changes
Reporting Deadlines: The IRS has established the following deadlines for ACA reporting in 2018:
  • Forms 1095C must be given to employees by January 31.
  • Paper filing with IRS must be done by February 28.
  • E-Filing must be finished by March 31 (employers of 250 full-time equivalents (FTE) are required to e-File).

Also regarding the ACA: Form 1094-C Section 4980H Transition Relief has been removed and is not applicable to 2017. Entities will no longer be able to use the “good faith effort” standard for compliance.

ACA Contraceptive Coverage Mandate Dropped
Under new federal rules announced Oct. 6, 2017, companies, nonprofits, and schools which have religious or moral objections to contraceptives may now drop birth control from their employer-provided health-insurance policies. The employer must give at least 30 days’ notice to their employees if they intend to do so. This change rolled back mandates laid out in 2012 by the ACA requiring health insurance policies provided by employers to include birth control coverage.

Health Savings Account Limits Raised
The IRS announced 2018 inflation-adjusted limits for health savings accounts:
  • Single coverage is now $3,450 (an increase of $50)
  • Family coverage is now $6,900 (an increase of $150)

Maximum out-of-pocket figures are up as well:
  • Single coverage is $6,650 for (an increase of $100).
  • Family coverage is $13,300 (an increase of $200).

National Labor Relations Board (NLRB)
If your company deals with unions, this news may affect you. For the past several years, the NLRB, which is supposed to consist of five members, has only had three. In 2017, President Trump appointed two new board members, conservatives Marvin Kaplan and William Emanuel, to fill those vacancies. Now that the board has a Republican majority, it is expected that future decisions will seek to limit rather than favor union power.

Stay Tuned
We’ll keep you updated on any further changes or announcements, so be sure to check our website often. And as always, if you need any assistance on compliance issues, we’re here to help.
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