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Course Details

IRS Form 8928: Excise Tax Reporting Update

Webinar: ID# 1023229
Recorded CD
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About This Course:
With the myriad of new ACA requirements and potential errors that go along with them, many employers may find themselves for the first time faced with the possibility of owing excise taxes and the requirement to file the Form 8928, Return of Certain Excise Taxes Under Chapter 43 of the Internal Revenue Code.

This webinar helps employers understand which types of errors trigger the Form filing requirement and how to correct an error in a timely manner to possibly avoid excise taxes and filing the Form. This material also explains how to complete the Form and the pros and cons to filing the Form when no excise tax is owed because the error was corrected in a timely manner.

Because the failure to file the Form timely to report and pay excise taxes can subject the employer to reporting penalties and interest in addition to the excise taxes owed, with no statute of limitations, it is important that employers understand their obligations with respect to the Form.

AGENDA

History of Form 8928
Background
  • Pediatric Vaccines
  • COBRA
  • Portability, Access, Renewability, and Market Reform Requirements
  • Comparable Archer MSA Contributions
  • Comparable HSA Contributions
Most Common Types of Errors Reported on Form 8928
Penalty Amounts
How to Avoid Filing the Form 8928
  • When and How to Make a Correction
  • Reasonable Cause and Not Willful Neglect Standard
How to Complete the Form 8928
  • One Form vs. Multiple Forms
Due Date for the Form
  • How to File for an Extension
  • What an Extension Gets You
If No Penalties Owed, Should You Still File the Form?
  • Start Statute of Limitations Running
  • May Raise Red Flags If File Form Each Year Showing Errors With No Penalties Owed
About The Presenter

Katie Bjornstad Amin
  • Associate in the office of Groom Law Group, Chartered
  • Practice includes advising employers, governmental entities, self-funded plans, and insurers on a full range of federal and state laws that affect the administration of health and welfare benefit plans, cafeteria plans, health reimbursement arrangements (HRAs), flexible spending arrangements (FSAs), health savings accounts (HSAs), wellness programs, expatriate coverage, fringe benefits, and other employee benefit arrangements
  • Also counsels clients on their obligations under the Affordable Care Act (ACA), including the employer shared responsibility requirements, Code sections 6055 and 6056 reporting requirements, annual fee on health insurance providers, insurance market reforms, and the ACA’s tax provisions
  • Assists clients with obtaining rulings from the IRS and submitting comments to the IRS, Department of Labor, and Department of Health and Human Services in response to agency guidance
  • Prior to joining Groom, she spent nearly 4 years at the IRS Office of Chief Counsel in the Health & Welfare Branch; at the IRS, she drafted guidance, private letter rulings, and technical advice on issues involving VEBAs and other welfare benefit funds, including Code sections 419 and 419A employer deduction issues and VEBA unrelated business income tax (UBIT) issues; was one of the principal drafters of the VEBA UBIT proposed regulations; also worked on ACA issues, including the annual fee on health insurance providers, Code sections 6055 and 6056 reporting, the PCORI fee, and the elimination of the deduction for expenses allocable to the Medicare Part D subsidy
  • Was also an extern at the Internal Revenue Service, TE/GE, Employee Plans while in law school
  • Regularly speaks on the ACA and other employee benefit matters; has been quoted in the trade press and her articles have been published by national publications
  • On the Technical Advisory Council of the Employers Council on Flexible Compensation (ECFC)
  • J.D. degree, cum laude, Stetson University College of Law; LL.M. degree, Taxation with Employee Benefits certificate, Georgetown University Law Center; B.A. degree, University of Florida
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IRS Form 8928: Excise Tax Reporting Update
Available on CD format
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