ACA Update: IRS Issues Draft Forms for 2015 ACA Reporting – Large Group Health Plans
ACA Update: IRS Issues Draft Forms for 2015 ACA Reporting
On July 24, 2014, the Internal Revenue Service released drafts of the forms that large employers will be required to file in order to show that the health insurance coverage they offer to their employees complies with the Affordable Care Act (ACA) “Shared Responsibility Provision”. These new updates impact businesses that are considered to have large group health insurance plans which are defined below.
A detailed explanation can be found HERE which includes:
– The size of companies impacted by the “Shared Responsibility Provision”
– Links to the draft forms for large group ACA reporting
– Information that will be required on the forms
Essentially, companies with 100 or more full-time equivalent employees must begin complying with the ACA reporting requirements in 2015. Companies with 51-99 full time equivalent employees will have until 2016. Businesses with less than 51 full time equivalents are exempt from the requirement.