Tuesday’s presidential election spurred hyperbolic talk about potential implications to Affordable Care Act (ACA) legislation, leaving businesses wondering if they would still need to comply with this legislation and what it may look like going forward.
First, it is important to remember that ACA is still in effect and will continue to be in effect for tax year 2016. The new Congress and President will not be in office until the third week of January, which is too late to impact business obligations for this tax year.
In addition, even though the Republican Party will now hold the Presidency and majorities in both Houses of Congress, the Republican Party does not have a strong enough majority in the Senate to stop a filibuster. It is likely that a full repeal of ACA will be blocked procedurally in the Senate. Modifications to ACA are likely, which would have been the case under either a Trump or Clinton Presidency, as both candidates stated a desire to “fix” ACA. As with all pieces of business-to-government compliance legislation, changes to ACA will be tracked and managed by our Compliance Research Team, and Sovos ACA will be updated to ensure our clients stay compliant.
We are here to support our clients in complying with ACA, including any and all modifications that result from the election.
Want to learn more about how the election might impact your ACA reporting? Register for our webinar and software demo to learn how to implement the changes you need to know.
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