Treasury, HHS Issue Final Rules to Ease ACA Reporting for Employers

For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The Treasury Department and the Internal Revenue Service released final rules that aim to “substantially streamline reporting requirements for employers, particularly those that offer highly affordable coverage to full-time employees.”
The final rules (T.D. 9660), issued March 5, provide for a single, consolidated form that employers who self-insure will use to report to the IRS and employees under tax code Section 6055, to help simplify the process and avoid duplicative reporting. The reporting is needed to show that employers and insurers are meeting requirements on whether plans meet minimum essential coverage. Failure to meet the minimum standard for insurance offerings could result in a “shared responsibility” fee that would be collected by the IRS.
A separate set of final rules (T.D. 9661) from the Treasury Department provides for a simplified alternative for businesses to meet their information reporting requirements under tax code Section 6056. One option gives employers the ability to avoid identifying which of their employees are full-time.

Request Daily Tax Report