Skip Page Banner  
About This Blog

Bloomberg BNA's Pension & Benefits Blog is a special resource offered by Bloomberg BNA to provide commentary and insight on news and trends reported in our publications: Pension & Benefits Daily, Pension & Benefits Reporter, and the Benefits Practice Resource Center. The authors of the blog are members of our Pension & Benefits Publications Advisory Board.

The ideas presented here are those of individuals, and Bloomberg BNA bears no responsibility for the appropriateness or accuracy of the communications between group members. We reserve the right not to post comments that are abusive or otherwise objectionable.

Communications regarding the Pension & Benefits Blog may be directed to Dana Domone via e-mail to ddomone@bna.com.

PENSION AND BENEFITS
BLOG

 

Monday, March 4, 2013

Employers Will Have 'Sufficient Lead Time' to Prepare Systems for 4980H, Official Says

by Florence Olsen

RSS

The Treasury Department cannot offer employers a timetable for when proposed employer “shared-responsibility” rules under the Affordable Care Act will be finalized, but employers will have time to comply with the final rules, a Treasury official said March 1.
 
“The final regulations will be prospective, and we intend to give people sufficient lead time to comply,” Alan Tawshunsky, Treasury special counsel, said at a tax law conference sponsored by the Federal Bar Association Section on Taxation.
 
 The department's rulemaking for implementing ACA's employer penalty provisions under tax code Section 4980H included a lengthy front-end process of issuing notices and soliciting comments, all of which were helpful for drafting the proposed regulation, Tawshunsky said.
 
The downside to that process, he said, has been creating a compressed schedule on the back end, with not much time for employers to prepare for a statutory deadline of Jan. 1, 2014, when the employer shared-responsibility provisions go into effect, he said.
 
 Employers can rely on the proposed regulation “at least through 2014,” so they have a basis on which to set up computer information systems necessary for complying with the regulation, Tawshunsky said.
Subscription RequiredAll BNA publications are subscription-based and require an account. If you are a subscriber to the BNA publication and signed-in, you will automatically have access to the story. If you are not a subscriber, you will need to sign-up for a trial subscription.

You must Sign In or Register to post a comment.

Comments (0)