section 6056, as enacted by the Patient Protection and Affordable Care Act
(ACA), requires “applicable large employers” subject to the employer “shared
responsibility” mandate (Code section 4980H) to report to the Internal Revenue
Service (IRS) information about their compliance with the mandate and any health care coverage offered
6056 also requires those employers to furnish related statements to employees
so that the employees may use the statements to help determine eligibility for
the ACA premium tax credit. A similar
reporting requirement in Code section 6055 requires health insurance issuers
and employers that sponsor self-insured plans to report and provide statements
on minimum essential coverage offered under their plans.
On July 2, 2013, the
Department of Treasury announced it was issuing transition relief to delay the
implementation date of the Code section 6055 and 6056 information reporting
provisions and the employer mandate requirements from 2014 until 2015. The IRS
subsequently issued Notice 2013-45 formalizing the transition relief and
delayed implementation date. On
September 9, 2013, the Department of the Treasury and IRS published proposed
regulations on the Code section 6055 (78 Fed. Reg. 54986) and section 6056 (78
Fed. Reg. 54996) reporting requirements.
It is likely that final regulations on these ACA reporting requirements
will be published later this year.