The Department of Treasury announced late Tuesday, July 2, 2013, that it will delay penalties for large employers that do not provide health insurance coverage in 2014. The Treasury Department said that the mandate will now start in 2015.
Specifically, the Administration announced that it will provide an additional year before the Affordable Care Act mandatory employer and insurer reporting requirements under Code section 6055 and 6056 begin. The Department stated that delay of the reporting requirements “will make it impractical to determine which employers owe shared responsibility payments (under section 4980H) for 2014. Accordingly, we are extending this transition relief to the employer shared responsibility payments. These payments will not apply for 2014. Any employer shared responsibility payments will not apply until 2015.”
Full statement from the U.S. Treasury Department
More Resources:
Affordable Care Act: What Every Business Needs to Know
Final HIPAA Regulations
Accountable Care Organizations
For further guidance and updates from Fraser Trebilcock attorneys, contact us at 517-482-5800. Attorney Elizabeth Latchana can also be reached at elatchana@fraserlawfirm.com or 517-377-0826.