BIG Delays in BIG ACA Rules

The Administration has delayed the employer shared responsibility penalty (and some reporting requirements) for one year.

First, we were told that the Administration had concerns about the “complexity” of the Affordable Care Act (ACA) health coverage reporting requirements under sections 6055 and 6056 of the Internal Revenue Code and that more time might be needed to “implement them effectively”. In recognition of these challenges, the Administration announced that these reporting requirements would not kick in for an additional year.

Because the reporting requirements are to be delayed for a year, the Administration concluded that it would be “impractical” to assess the employer penalty during 2014. Thus, they have also granted transition relief from the employer shared responsibility payments for 2014.

The posting on the White House website by Valerie Jarrett, who is a Senior Adviser to the president is available here.

The posting from Mark Mazur, who is Assistant Secretary for Tax Policy at Treasury is available here.

ERIC members and trial members can read more here.