The Treasury Department and the Internal Revenue Service (IRS) last week published two Notices of Proposed Rulemaking (NPRMs) concerning the large-business reporting requirements under the Affordable Care Act (ACA).
The IRS made headlines on July 2 when it threw up its hands and said ACA reporting requirements were too cumbersome and confusing to be implemented by the deadline of January 1, 2014, delaying everything for a year. Out with the regs went the Obamacare penalties for large employers who do not offer health insurance to their employees ($2,000 per employee per year for every worker over 30 on the payroll).
The proposed rules cover ACA Section 6056, the Employer Shared Responsibility provision for employers with 50 or more employees, and ACA Section 6055, covering insurers, self-insuring employers and other parties that provide health insurance.
The public commentary period for both NPRMS ends on Nov. 8, 2013. The final rules and reporting requirements will kick in on Jan. 1, 2015.