Businessolver® Client Newsletter
01/21/2025
The One Thing
It’s time to prepare for your annual data review and sign-off. This yearly review and sign-off is a valuable opportunity to thoroughly review the data from the first three quarters and ensure we are well-prepared for the fourth quarter. Take some time to get a start on your review this week.
Plus, check out next week’s ACA training on Mon., Jan 27 at 10 am CT.
2025 Product Roadmap Updates
What’s coming your way?
Wondering if we’re going to program Sofia to read your mind this year? (She is pretty smart!) Don’t miss our January product webinars for Benefitsolver® and MyChoice® Accounts. We’re talking about our big initiatives in these sessions over in Tech with Heart, today for Benefitsolver and Jan. 28 for MyChoice Accounts. If you miss the session live, you can always go back and catch it on demand. Have an idea for something that needs to be enhanced? Submit it to our PITCH! “idea box.”
Join today's Product & Compliance Update
Add the MyChoice Accounts Update to your schedule
TGL Watch Parties
Join us in a city near you
TGL’s inaguaral season is off to a roaring start with two matches in the books. Businessolver is an official founding partner of this new, fast-paced golf league emphasizing technology and fan experience. To celebrate this partnership and new golf league, we’re inviting you to join us for a TGL Watch Party. Not a big sports fan? No worries. This event is perfect for those just looking for a casual evening out, and everyone is welcome.
Here's what you can expect at a TGL Watch Party:
- Networking & Happy Hour: Mingle with fellow attendees in a laid-back atmosphere.
- Food Included: Enjoy delicious food throughout the two-hour event.
- Refreshments Provided: Choose from a selection of beer, wine, cocktails, and sodas.
- Open to All Ages: Bring your friends, family, or come solo—there's something for everyone.
- Play Games and Win Swag: Enjoy additional entertainment with the chance to win prizes!
- Come and Go as You Please: Stay for the whole event, or just drop by for a bit—it's up to you!
We’ll have watch parties throughout the season and around the country, but we have three coming up soon. Check out the links below to learn more about each watch party and register.
Watch in Atlanta, Georgia today on Jan. 21, from 6 – 9 pm.
Join the watch party
Watch in Scottsdale, Arizona on Jan. 27, from 4 – 7 pm.
Join the watch party
Watch in Charlotte, North Carolina on Jan. 27, from 6 – 9 pm.
Join the watch party
Watch in Centennial, Colorado on Feb. 4, from 7 – 9 pm.
Join the watch party
What’s New in Compliance?
IRS provides relief for those impacted by California wildfires
The Internal Revenue Service (IRS) announced relief for individuals in southern California affected by wildfires and straight-line winds that began on Jan. 7, 2025. The relief postpones various tax filing and payment deadlines from Jan. 7, 2025, through Oct. 15, 2025.
The October 15 deadline will apply to 2024 contributions to individual retirement accounts and health savings accounts for eligible taxpayers. Affected taxpayers who participate in a retirement plan or an IRA may also be eligible to take a special disaster distribution that would not be subject to the additional 10% early distribution tax and would allow the taxpayer to pay tax on the income over three years.
Participants may also be eligible to make a hardship withdrawal from their plan or IRA. Each plan or IRA has specific rules and guidance for its participants to follow, and the IRS recommends that participants check with their 401(k) or IRA provider to see what options are available.
Read the IRS guidance for more information.
Join our Q1 Product & Compliance Update today at 10 am, or the replay at 2 pm CT, where Bruce Gillis, head of compliance, will discuss this further.
President Biden Signs Paperwork Burden Reduction Act
On Dec. 23, 2024, President Biden signed the "Paperwork Burden Reduction Act," introducing key changes to ACA 1095 notification requirements. The act modifies provisions under the Patient Protection and Affordable Care Act (ACA), eliminating the requirement for employers and health insurance providers to send 1095-B and 1095-C tax forms—used to demonstrate proof of minimum essential coverage—unless specifically requested by covered individuals. Requests for these forms must be fulfilled by Jan. 31 or within 30 days of the request, whichever is later, and individuals must be informed of this option per IRS guidelines.
Our Approach to 2024 ACA Reporting
For 2024 ACA reporting, Businessolver will continue generating and delivering 1095 forms based on member preferences stored in Benefitsolver. If you do not have electronic delivery preference enabled, then all forms will be generated and mailed as in years past. Currently, about 60% of members have opted for electronic delivery, while 40% prefer printed forms. The key consideration in this approach is that the IRS has yet to issue the parameters around the notice requirement. Until the IRS finalizes the specific notice requirements for transitioning from these preferences, we will honor existing delivery methods to ensure compliance with federal regulations. Additionally, state mandates requiring certain documentation may not align with these federal changes, further supporting our decision to maintain the current approach.
Looking Ahead to 2025
As the IRS develops detailed requirements and guidance, we will update our processes to reflect these changes in time for the 2025 reporting period. Businessolver remains committed to compliance and providing timely updates to support our clients in navigating evolving federal and state reporting obligations.
Upcoming Sessions
Today, Jan. 21 at 10 am & 2 pm CT - Q1 Product & Compliance Update
Join us today for our first product & compliance update of the year. We’ll discuss recent product updates, our 2025 product roadmap, enrollment survey results, timely compliance news, and more. If you can’t join our panel this morning, join us to watch a replay at 2 pm today. We’ll watch along with you and monitor the Q&A to answer any questions.
Join us live at 10 am Join the 2 pm replay
Jan. 27 session
Tues., Jan. 28, at 10 am CT: Q1 MyChoice Accounts Product Update
Check out this session to discover the latest updates to MyChoice Accounts and the consumer account experience within Benefitsolver and the MyChoice Mobile App. In this quarterly update, we’ll showcase newly released features, explore upcoming roadmap highlights, and demonstrate how these enhancements are designed to streamline account management and elevate the employee experience.
Add to schedule
In Case You Missed It
Thurs., Jan. 16 at 10 am CT: ACA Processes Training
If you weren’t able to join us last week, check out this session on demand to hear our experts discuss the new "Paperwork Burden Reduction Act", it’s impact, and Businessolver’s recommended path for the 2024 reporting period. We also reviewed and answered questions about our standard 2024 ACA processes and requirements for a successful transmittal.
Watch on demand
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A Peek at Our Pinnacle Partners:
Norton LifeLock
Security solutions to protect your employees assets
Norton LifeLock is a global leader in consumer cyber safety and believes that the digital world is empowering when people are confident in their online security. Norton LifeLock’s cybersecurity experience has helped people live their digital lives safely for more than four decades. Powered by a team of experts dedicated to staying ahead of what’s next, Norton LifeLock continues evolving its identity protection, device security, and online privacy solutions as emerging cyber threats do.
Together, Norton LifeLock and Businessolver help employees get access to leading identity theft and cybersecurity protection when they need it the most. Through Businessolver’s benefits administration platform, employees can enroll in their benefits with ease while experiencing the same simple enrollment experience when electing identity theft and cybersecurity plans with Norton LifeLock.