IRS publishes health care law employer requirements
On Dec. 28, 2012, the Internal Revenue Service (IRS) published compliance information for employers with respect to the "shared responsibility" provisions of the 2010 Affordable Care Act (ACA), which will take effect Jan. 1, 2014. Also, on Jan. 2, the Treasury Department released a proposed regulation that will govern the ACA's employer requirements.
The law will require all employers with 50 or more "full-time equivalent" employees to provide government-approved health care benefits to employees or pay a penalty to the IRS. Additionally, covered employers who provide health coverage also may face penalties if the benefits are not deemed to be "affordable" as set forth by the law. Employers are advised to begin preparing for compliance with the ACA now to fully understand the new law's complex requirements.
The IRS document can be obtained on the IRS website by clicking here.
NRCA, along with coalition partners, will be reviewing the Treasury Department regulations and submitting comments with suggestions regarding how to minimize burdens on employers. Comments are due March 18. To view the full proposed regulation, click here.
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