Gain a better understanding of the reporting obligations of Form 8928 to minimize potential excise taxes, interest, and penalties.
Many employers and group health plans are subject to strict requirements under Chapter 43 of the Internal Revenue Code, including Code sections 4980B, 4980D, 4980E, and 4980G. These taxpayers, however, may not understand how violations of these requirements implicate certain excise taxes, along with penalties and interest. This presentation will help employers, group health plans, and other taxpayers who are subject to these requirements identify when a violation triggers a filing requirement on Code section 8928, what tax liability, penalties, and interest are implicated by these violations, how to file this return, where to file this return, and how to avoid excise tax liability. This workshop is critical for impacted employers, group health plans, and other taxpayers to help identify and avoid considerable tax consequences, penalties, and interest implicated by these violations and filing requirements.
Learning Objectives
- You will be able to describe what violations of the Internal Revenue Code trigger an excise tax that must be reported on Form 8928.
- You will be able to explain when an employer, a group health plan, or a plan administrator will be liable for excise taxes that must be reported on Form 8928 and how to calculate the taxes owed.
- You will be able to identify who must file a Form 8928 and how they can file the form.
- You will be able to recognize what exemptions there are from the excise tax reported on Form 8928.
Agenda
Form 8928 and Corresponding Group Health Plan/Employer Excise Taxes
- The History of Form 8928 and the Underlying Excise Tax.
- Who Must File the Form and When and Where Should It Be Filed?
- How Are Interest and Penalties Applied?
- How Can Taxpayers Submit a Claim for a Refund or Credit?
Form 8928 and the Excise Tax on the Failure to Satisfy Requirements Under Code Section 4980B
- When Are Failures Under Code Section 4980B Triggered?
- When Does Reasonable Cause Exist?
Form 8928 and the Tax the Failure to Meet Portability, Access, and Renewability Requirements Under Code Section 4980D
- When Are Failures Under Code Section 4980D Triggered?
- When Does Reasonable Cause Exist?
Form 8928 and the Tax on the Failure to Make Comparable Archer MSA Contributions Under Code Section 4980E
- When Are Failures Under Code Section 4980E Triggered?
- When Does Reasonable Cause Exist?
Form 8928 and the Tax on the Failure to Make Comparable HSA Contributions Under Code Section 4980G
- When Are Failures Under Code Section 4980G Triggered?
- When Does Reasonable Cause Exist?
Speakers
David M. Block,
Groom Law Group, Chartered- Associate, Groom Law Group
- Advises clients on a wide range of federal tax matters regarding employee benefits and executive compensation. My practice encompasses executive compensation, federal income and employment taxes, exempt organizations, and health and welfare arrangements
- Served as a judicial law clerk for the Honorable Robert P. Ruwe at the United States Tax Court
- Recipient of the Wilf Tax Scholarship and was named Graduate Editor of the Tax Law Review
- Written work has been published in, among other places, Tax Notes and the University of Pennsylvania’s legal scholarship repository
- B.A. degree, Haverford College; J.D. degree, University of Pennsylvania; LLM in tax law, New York University
Who Should Attend
This live webinar is designed for accountants, CFOs, controllers, tax managers, presidents, vice presidents, bookkeepers, enrolled agents, payroll professionals, benefits managers, and human resource managers.
