While no one would claim that understanding the Affordable Care Act (“ACA”) and all of its associated regulations is as simple as the chorus from a Jackson 5 song, the Treasury and the Internal Revenue Service announced final rules (“Final Rules”) Wednesday to make it easier for employers to report on employee health coverage. The Final Rules apply to Sections 6055 and 6056 of the Internal Revenue Code (“IRC”), which describe employer reporting for the purpose of monitoring whether an employer is compliant with the ACA’s Employer Mandate. The Employer Mandate generally requires employers with 50 or more full-time employees to offer coverage to their full-time employees that meets minimum value and affordability standards under the ACA or pay a penalty, though compliance has been pushed back a year for certain employers. According to a Treasury press release, the Final Rules provide for a single, combined form for information reporting under both IRC 6055 and 6056 as well as a simplified option for employer reporting of “qualified offers” of coverage to employees.
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