IRS Proposes Regulations On ACA Reporting Requirements

The IRS proposed regulations ( REG-103058-16) relating to information reporting of minimum essential coverage under Section 6055, which allows individuals to establish and the IRS to verify that the individuals were covered by minimum essential coverage during the year.

These proposed regulations would provide guidance only on the reporting requirements by insurance issuers in Form 1095-B, "Proceeds From Broker and Barter Exchange Transactions," and on Part III of Form 1095-C, "Cancellation of Debt," for large employers that sponsor self-insured health plans. Highlights of these proposed regulations include the following:

• Issuers of catastrophic health plan coverage would be required to report catastrophic plan coverage on Form 1095-B, effective for coverage in 2017.