Tip Tuesday! ACA reporting for employers and the IRS' new draft forms

By Keith McMurdy

Under the Affordable Care Act, there are two unique reporting requirements. The first is the individual mandate reporting requirement under Section 6055 of the Code. The second is the “pay or play” reporting requirement under Section 6056. Many employers have been wondering about how onerous these reporting requirements may be and while not finalized, the IRS did release draft forms that will apply to these requirements. There have not been any instructions issued (although they are expected in August) and they are not final and probably will not be until sometime later this year. But for now, they provide some insight into what information employers will have to collect.

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