CALL TODAY! 800-842-8430

ACA Treasury Delays Until 2015

Treasury Delays until 2015 ACA Employer Responsibility Penalties

On July 2, Treasury’s Assistant Secretary for Tax Policy, Mark Mazur, announced that the Affordable Care Act (ACA) employer assessments for failure to offer affordable qualified health insurance will not take effect until 2015. Mazur said Treasury will publish formal guidance on this delay (which is a consequence of Treasury’s decision to provide  a one-year delay of the ACA’s information reporting requirements) “within a week.”

Mazur’s statement can be found here.

Mazur’s statement cited the information reporting rules’ complexity, and  the consequent need for more time to simplify and finalize those rules, as the reason for the delay. “We recognize that this transition relief (delay of the information reporting rules) will make it impractical to determine which employers owe shared responsibility payments…. Accordingly, we are extending this transition relief to the employer shared responsibility payments. These payments will not apply for 2014. Any employer shared responsibility payments will not apply until 2015,” Mazur’s statement said.

The delay does not affect any other ACA provisions, specifically the individual mandate—the rule that requires most individuals to purchase qualified health insurance as of January 1, 2014. It also does not affect the availability of or eligibility for premium tax credits, Mazur said.


Sorry, comments are closed for this post.