The Obama administration released guidance and draft forms Aug. 28 instructing employers on how to comply with the employer mandate under the Patient Protection and Affordable Care Act.
The 13-page draft instructions are posted on the IRS website and are considered a final step to complying with the mandate.
The materials have been a long time coming, as employers have complained that the administration had been dragging its feet on releasing guidance on the twice-delayed PPACA provision. The delay in guidance also raised concerns that the employer mandate would be delayed a third time, or killed altogether.
The National Retail Federation, the largest retail trade association that previously slammed the administration for not releasing the needed information for the employer mandate, said Aug. 28 that it welcomed the guidance.
“Now that we have the regulations, the forms and the instructions, companies can continue their compliance activities,” NRF Vice President Neil Trautwein said. “While the instructions were delayed, they remain helpful.
“The Affordable Care Act is still a work in progress and additional regulatory provisions and requirements will be forthcoming. Additional delays or changes may follow,” he continued.
Under the latest delay, announced in February of this year, employers with between 50 and 99 employees have until January 2016 to offer health insurance or pay a fine, and employers with more than 100 employees must offer insurance or pay a fine of $2,000 per worker by January 2015. Companies with fewer than 50 employees are exempt.
The IRS documents include drafts of Form 1095-A, the Health Insurance Marketplace Statement; Form 1095-B, Health Coverage; Form 1095-C, Employer Provided Health Insurance Offer and Coverage; and the instructions for those forms.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
