In a startling announcement late Tuesday, July 02, 2013, the Obama Administration delayed the Affordable Care Act (ACA) information reporting requirements and penalties related to the employer mandate until 2015.
This is great news for applicable large employers. A White House statement summed up the rationale: “In our ongoing discussions with businesses we have heard that you need the time to get this right. We are listening.”
This transition relief means applicable large employers will not have to pay a shared responsibility penalty tax for 2014, either for failing to provide minimum essential coverage to substantially all full-time employees or failing to provide them coverage that is affordable and offers minimum value.
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