ACA Reporting Requirements

Certain Group Health Plans Required to File ACA Section 6055 & 6056 Reporting Group health plan administrators are reminded that Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 must be filed with the Internal Revenue Service (IRS) by February 28, 2022 (or March 31, 2022 if filing electronically) and individual statements must…

Watch Out for Coronavirus Scams

Fraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers’ heightened financial and health concerns over the coronavirus pandemic. Federal, state, and local law enforcement have begun issuing warnings on the surge of coronavirus scams and how consumers can…

IRS Issues 2022 Standard Mileage Rates

The IRS issued Notice 2022-03 showing the updated calculations for optional standard mileage rates of operating an automobile for business, charitable, medical or moving purposes. This notice went into effect January 1st, 2022. A quick breakdown of these calculations are below and can be found on the official IRS website: 58.5 cents per mile driven…

ACA Compliance Overview

Upcoming ACA Reporting Deadlines Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 for the 2021 calendar year is due in early 2022. Specifically, reporting entities must: Furnish statements to individuals by March 2, 2022; and File returns with the IRS by Feb. 28, 2022 (or March 31, 2022, if filing electronically). Penalties…

Benefits Payroll Deductions Best Practices

SIMA proudly provides your company with comprehensive financial services allowing you to focus on your business. Below we have outlined some best practices related to maintaining your company’s employee benefit deductions. These practices are intended to support your existing company procedures and enable your team to find any discrepancies in a timely manner. As always,…

Market Commentary from Ashley Vice, CFA, CFP®

Last year, Barron’s magazine asked ten top strategists to predict where the S&P 500 would end 2020. Their range was 3,000 to 3,700. The final number was 3,756 for a year-over-year return of 16.3%—much better than expected. Had the strategists possessed foreknowledge that a global pandemic would shut down the services economy and send unemployment…