The Department of Treasury announced on July 2, that the enforcement of the Affordable Care Act’s Employer Mandate, which requires employers with 50 or more full-time equivalent employees to provide affordable health insurance or pay penalties, will be delayed until Jan. 1, 2015. Full implementation of the ACA was scheduled for the beginning of 2014, but reporting concerns prompted the Obama Administration to suspend reporting for 2014.
The latest delay in ACA regulations was due to the strenuous reporting process set forth by the government. A spokesperson for the IRS says that the reporting process will be simplified for businesses, giving ample time for government officials to simplify the new reporting requirements.
The extension allows employers more time to familiarize themselves with the laws and reporting obligations in order to meet compliance standards. While the government did give businesses more time to comply, employers are still expected to notify employees of the new online health insurance Marketplace before the Oct. 1, 2013 deadline.
The postponement supplies employers extended time, but it makes it even more crucial for employers to take the proper steps to make informed decisions related to the Affordable Care Act.
More information on the ACA change click here.
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