One of the most confusing requirements of the Affordable Care Act has been delayed until 2015.
On July 2, the Department of the Treasury announced that employer and insurer reporting requirements and penalties (originally set to begin on January 1, 2014) will be delayed for one year. The delay does not affect any other provision of the ACA, including individuals’ access to premium tax credits for coverage through an Exchange.
According to the Treasury, the delay of the employer mandate was required due to issues related to the reporting requirements. The reporting requirements are what make the enforcement of the employer responsibility to provide full-time workers with affordable health insurance possible.
The Treasury plans to issue more formal information about the delay within a week.
The “pay or play” regulations issued earlier this year left many unanswered questions for employers. The IRS has highlighted several areas where it will be issuing more guidance. Presumably, the additional time will give the IRS and the Treasury the opportunity to provide more comprehensive guidance on implementing these requirements.
ManageStaff will continue to monitor developments and keep you informed of the latest updates.
That’s one less headache for you.
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