Today, Pillsbury attorneys Mark Jones and Matt Ryan posted their advisory titled Health Care Reform Update: Employers Must Begin Reporting Details of Health Coverage to IRS. The Advisory discusses the significant new reporting requirements applicable to employers providing self-insured group health coverage to their employees and to other, large and mid-size employers subject to the shared responsibility (or “Pay or Play”) rules under the Affordable Care Act. It further discusses recently finalized regulations that explain the requirements and provide certain employers with opportunities to reduce their reporting burden. The reporting regime will become effective on January 1, 2015, relying in part on data collected in 2014.
Additional Resources: IRS Releases Final Regulations on “Pay or Play” (Feb. 25, 2014); Health Care Reform Update: Large Employers Must Offer Health Coverage or Pay Assessment (Jan. 22, 2013)