The U.S. Department of Treasury announced July 2 that employers will be given an additional year before mandatory reporting requirements under the Affordable Care Act (ACA) begin. In addition, the Department will extend transition relief for the employer penalties, which now will not apply until 2015.
“We view today’s announcement as recognition that the Administration has listened to the National Restaurant Association about the concerns of our members, the complexity of the requirements, and the need for additional time to be able to comply effectively,” says Dawn Sweeney, president and CEO of the National Restaurant Association. “As part of our leadership of the Employers for Flexibility in Healthcare Coalition, we have been a vocal advocate in the regulatory process to address the needs of our members and those representing industries with similar workforces.”
As part of the announcement, the Treasury Department strongly encourages employers to voluntarily report information in respect to the health care coverage offered to full-time employees, in preparation for the full implementation in 2015.
A copy of the blog post by Mark J. Mazur is the Assistant Secretary for Tax Policy at the U.S. Department of the Treasury can be found at the following link:
The Treasury Department is expected to publish formal guidance describing this transition in the coming week. Proposed rules regarding reporting are expected later this summer.
“We look forward to providing the Administration with additional feedback on how best to implement these significant reporting requirements and provide employers with additional flexibility,” Sweeney says.