As expected, the combined tax bill that recently passed both the House and Senate does not eliminate the employer mandate to provide health insurance, nor does it change Affordable Care Act reporting requirements for eligible organizations.
President Trump is likely to sign this version of the bill into law. It does eliminate the individual mandate to purchase health insurance, meaning individuals who choose not to buy insurance will no longer be subject to a fine.
However, the bill does not make any changes to the ACA employer mandate. Eligible companies—generally, those with at least 50 full-time employees—will still be required to provide health insurance to employees, and to continue to send ACA forms 1094 and 1095 B and C to recipients as well as file those forms with the IRS.
As Sovos mentioned in a previous blog entry, ACA reporting requirements are still very much in effect and remain unchanged. For Tax Year 2017, for the first time, the IRS is enforcing tight deadlines and levying steep penalties for late and incorrect filings.
Learn more about how Sovos solutions facilitate ACA reporting.
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www.sovos.comMore Content by Gerry Nelligan