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Blog By: Beth Ede, SPHR

On April 26th, the Internal Revenue Service (IRS) released three notices – all of which invite comments on the upcoming reporting requirements under the Affordable Care Act.  Comments on all three notices are due by June 11, 2012.

 

In a nutshell – here is an abbreviated summary of each IRS notice:

 

Notice 2012-31

This notice describes and requests comments on possible approaches to determining whether health coverage under an eligible employer-sponsored plan provides “minimum value”.  These approaches would then be used to determine eligibility for individuals to receive a premium tax credit when using a state-based exchange to purchase health coverage.  This should be of importance to most large employers as it will create a penalty or tax situation for them.

 

Notice 2012-32 

This notice invites comments concerning the reporting requirement for health insurance issuers, government agencies, employers that sponsor self-insured plans, and others that provide minimum essential coverage.  The first annual returns reporting this information would be filed in 2015.

 

Notice 2012-33

This notice invites comments on the upcoming reporting requirement for applicable large employers who will be subject to the employer shared responsibility payment under health care reform.

Posted 9:17 AM  View Comments

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