The U.S. Treasury Department issued final regulations (the ?ãRegulations?ÃÂ¥), published on March 10, 2014, regarding the information reporting requirements for large employers (i.e., those with at least 50 full-time employees or equivalents (?ãFTEs?ÃÂ¥)) under Section 6056 of the Internal Revenue Code of 1986, as amended (the ?ãCode?ÃÂ¥). Section 6056 of the Code was added by the Affordable Care Act (the ?ãACA?ÃÂ¥) to require large employers to provide information to the Internal Revenue Service (the ?ãIRS?ÃÂ¥) and to their FTEs that is necessary for the IRS to administer the ACA?ÃÃs employer shared responsibility provisions (also known as the ?ãplay or pay?ÃÂ¥ rules), as well as the individual premium tax credit under Section 36B of the Code. Specifically, the Regulations require each large employer to report certain information regarding the ?ãminimum essential coverage?ÃÂ¥ that it offered (or did not offer) to its FTEs during each calendar month. The Regulations provide for a general reporting method, as well as certain simplified alternative reporting methods for eligible employers when the play or pay penalties and individual premium tax credits are unlikely to apply. A copy of the Regulations is available here.
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