September 2014 Health Care Reform

September 2014 Health Care Reform

by Clarke & Company Benefits Posted on: September 2, 2014Categories: HR & Compliance   

The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Sections 6055 and 6056. Under these new reporting rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees.

Below are a few quick facts from our latest health care reform email; Click here to read the full legislative brief.

•     On July 24, 2014, the IRS released draft forms for Code Section 6055 & 6056 reporting.

•      Draft instructions are expected to be posted to IRS.gov in August.

•      These forms are draft versions only, and should not be filed with the IRS.

•      Both the forms and instructions will be finalized later this year.