Posted on 6/4/2014 10:38 AM By Mike Alexander
The IRS issued final regulations in March
designed to simplify the employer reporting requirements imposed by the Affordable
Care Act. Most importantly, the regulations permit combined reporting for the
multiple requirements and simplify reporting where a large employer provides
affordable group health coverage, which is of minimum value to almost all of
its employees. This Q&A explains the new regulations and how they impact
both small and large employers.
the reporting requirements?
The ACA added two sections to the Internal Revenue Code related to
reporting. First, Section 6055 requires health insurers and employers
sponsoring self-funded group health plans to annually report to the IRS and to
responsible individuals (the enrolled employees), whether the coverage
constitutes minimum essential coverage under the ACA. This reporting
requirement will help the IRS to enforce the individual mandate penalty. We
refer to this as “individual mandate reporting.&rd ...