Simplifying and Streamlining the Reporting and Disclosure Requirements under Internal Revenue Code Sections 6055 and 6056

As most of you know, the Administration recently delayed for one year the employer penalty payments under the shared responsibility rules of the Affordable Care Act; as a result, no payments for a failure to provide employer health plan coverage will be due before 2015. At the same time, the Administration announced that reporting under both IRC 6055 and 6056 will also be delayed for one year and thus will apply for coverage provided on or after January 1, 2015, with the returns themselves to be filed in 2016.

The putative reason for the delay in the employer penalty was to give employers more time to comply with the reporting rules. It clearly also provides the Administration with more time to craft the reporting and disclosure rules. This extended time period thus provides us with a real opportunity to speak with the Administration about how these new reporting rules should be developed and to give them the benefit of our wisdom/suggestions.

ERIC will be having a FocusOn Call for ERIC members and trial members on Wednesday, August 7 from 2:00 PM to 3:30 PM (EDT) to discuss this issue further. To register for the call, click here.

ERIC members and trial members can read more here.