IRS Issues Proposed Rules On Employer Reporting Requirements Under ACA

The U.S. Treasury Department and Internal Revenue Service have released two new proposed rules governing employer reporting requirements under the Affordable Care Act (ACA). The first rule would implement Section 6055 of the Internal Revenue Code, added by the ACA, which outlines minimal essential coverage reporting obligations for insurers, self-insuring employers, and other parties that provide health coverage. Another rule would implement Section 6056 of the Code, which sets forth information reporting requirements for certain large employers regarding the health coverage offered to their full-time employees. In July, the Treasury Department announced that it was postponing these reporting requirements as well as the "employer mandate" until January 2015.