This week's topic deals with:
The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue 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. The additional reporting is intended to promote transparency with respect to health plan coverage and costs. It will also provide the government with information to administer other ACA mandates, such as the large employer shared responsibility penalty and the individual mandate. The Code Sections 6055 and 6056 reporting requirements will become effective in 2015. The first returns will be due in 2016 for coverage provided in 2015.
To read more the requirements, please
click here.
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