Affordable Care Act reporting requirements — IRS’ first pass

HRS Insight

Employers and issuers will have new IRS reporting obligations as key players in implementing Affordable Care Act (ACA) health coverage mandates — newly proposed regulations give a glimpse of what this will entail. This summer, the IRS announced a one-year delay in the Affordable Care Act (ACA) requirements for issuers and employers to report information to the IRS and to covered individuals concerning health coverage they provide, as well as a one-year delay in the ACA employer shared responsibility penalties (the employer mandate). Proposed regulations have now been issued on the requirement for issuers and employers to report to the IRS the minimum essential coverage (MEC) they provide and to furnish related statements to covered individuals. Proposed regulations have also been issued on the requirement for employers with more than 50 full-time equivalent employees to report to the IRS information about the health coverage they have offered employees as well as monthly information concerning each employee's coverage, and to furnish statements to employees. These regulations will become effective with respect to coverage provided in 2015 with reporting first due early in 2016; compliance for 2014 is voluntary. Comments on the proposed regulations are due by November 8, 2013.

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