IRS Issues Proposed PPACA Reporting Rules
The IRS has issued the long-awaited rules on required reporting of minimum essential coverage (under Code Section 6055) and affordable, minimum value coverage (under Code Section 6056). These rules will first apply to the 2015 calendar year, with the first reports due early in 2016. The 6055 reporting will be done by the insurer for insured plans and the plan sponsor for self-funded plans. The 6056 reporting will be done by large plans (50+ employees in the controlled group). These rules are proposed so the ultimate requirements may change, but generally final rules are not significantly different than the proposed version. United Benefit Advisors has developed a summary of these reporting rules for employers. Download this summary today.
Interested parties may file comments on the proposed rules until Nov. 8, 2013. Public hearings are scheduled for Nov. 19, 2013 (a change from the original Nov. 18, 2013 date). Final rules likely will be published in late 2013 or early 2014. The text of the proposed rules are available at the following links:
Proposed Minimum Essential 6055 Rule
Proposed Large Employer 6056 Rule