On December 28, 2015, the Internal Revenue Service (IRS) announced extended deadlines for 2015 minimum essential coverage (MEC) and large employer shared responsibility reporting required to be completed in early 2016. Here are the changes:  

2015 Report	Original Deadline	Extended Deadline
Forms Sent to Individuals: Form 1095-B Form 1095-C	2/1/2016	3/31/2016
Forms Filed with the IRS: Forms 1094-B and 1095-B Forms 1094-C and 1095-C	2/29/2016: paper    3/31/2016: electronic	5/31/2016: paper    6/30/2016: electronic

The IRS indicated that no additional extensions will be granted. Employers and insurers that do not meet these extended due dates may be subject to penalties. For 2015 only, individuals who file their federal income tax returns before receiving their 1095-B and 1095-C forms will not be required to amend their income tax returns once they receive their forms. They should keep their forms, once received, with their tax records.

MEC (Section 6055) and Applicable Large Employer (ALE, Section 6056) reporting are required by the Affordable Care Act (ACA) to help the IRS administer compliance with the individual and employer mandate. Reporting is completed based on information from the previous calendar year.

Large employers (i.e. employers with 50 or more full-time and/or full-time equivalent employees) are responsible for completing Forms
1094-C and 1095-C for Large Employer reporting on the group health coverage they offered full-time employees and their dependents. And if these employers self-fund their medical plans, they should also use the C forms for reporting MEC on individuals covered under their self-funded plans. Employers with less than 50 full-time and/or full-time equivalent employees that self-fund their medical plans must only report the MEC on individuals covered under their self-funded plans using the B forms.

Non-ALEs sponsoring insured plans are not required to report under either Section 6055 or Section 6056.

Contact Andrea Levine at (720) 858-6287 with questions you may have.

When Congress unexpectedly eliminated two Social Security claiming strategies as part of the Bipartisan Budget Act of 2015, retirement planning got a little more complicated for people who expected to use those strategies to boost their retirement income.

What's changing?
The provision of the budget bill called "Closure of Unintended Loopholes" primarily addresses two Social Security claiming strategies that have become increasingly popular over the last several years. These two strategies, known as "file and suspend" and "restricted application for a spousal benefit," have often been used to increase cumulative Social Security income for married couples. The budget bill has eliminated those strategies for most future retirees, but you may still have time to take advantage of them, depending on your age.

What if you're already using one of these strategies?
If you are already using the file-and-suspend or the restricted application strategy, you will not be affected by the new rules. You have already met the age requirements.

How are benefits for surviving spouses affected?
Rules affecting surviving spouses have not changed. If you are eligible for both a survivor benefit and a retirement benefit based on your own earnings record, you can still opt to receive one benefit first, then switch to the other higher benefit later.

Although some claiming options are going away, plenty of planning opportunities remain, and you may benefit from taking the time to make an informed decision about when to file for Social Security. For more information and considerations, read the article Five Questions and Answers about New Social Security Claiming Rules, provided by our partners at Woodbury Financial Services.

COPIC FSG is available to answer questions on this subject and other financial planning topics. Contact Mike Edwards at (720) 858-6289 for more information.

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Contact Mitch Laycock at (720) 858-6297 with questions or to set up your complimentary insurance portfolio review.

The new year is here, and with it comes New Year's resolutions. We strive to improve all aspects of our life, and our finances should be part of that.

If you're spending too much and saving too little, or if you don't even know where your money is going, this is a good time to give yourself a financial checkup. Here are a few things you can do today to start cleaning your financial house in the new year:

• Increase your savings. If you're putting $50 of each paycheck into savings, increase it to $55 or $60. Change your IRA contribution from 10 percent to 11 percent. By making modest adjustments, you won't miss the money, and you can build your emergency fund, retirement savings or children's college funds. 
• Automate your savings. One of the easiest and most effective ways to increase savings is to automate the process. That could be having money withheld from your paycheck and deposited in a savings account or scheduling regular transfers from checking to savings or retirement accounts. 
• Ask for discounts. Call your cable company, cellphone service provider, car insurance provider and other services for which you pay a monthly fee and ask if they can give you a better deal. Cellphone and cable packages change all the time, and the companies won't offer you a better plan if you don't ask. 
• Pay your bills on time. Any money that goes to late fees is money wasted, and late payments can also hurt your credit score. Establish a system for paying bills when they're due, like putting automated reminders in your calendar, signing up for alerts or utilizing autopay options.

For more ideas to improve your financial health, read the U.S. News article 9 Things to Do in the New Year to Brighten Your Financial Outlook. And contact Cary Lamb at (720) 858-6282 with questions or to discuss saving plan options.