From AAIA Capital Report
In announcing the delay in the implementation of the regulation, Mark Mazur, assistant secretary for tax policy at the U.S. Department of the Treasury, and Valerie Jarrett, senior adviser to President Barack Obama, both posted blogs that emphasized the ongoing “dialogue with businesses” and stated that, “We have heard concerns about the complexity of the requirements and the need for more time to implement them effectively.”
This delayed employer reporting provision, commonly referred to as the employer mandate, requires employers to provide detailed information about the healthcare offered to their employees. The reported information forms the basis for any assessments (penalties) against the employer. With the implementation delay, the reporting system will now be revamped as a result of feedback from employers. According to Jarrett, the administration “…will convene employers, insurers, and experts to propose a smarter system…” Mazur also noted that the administration expects to publish the changes to the regulation this summer.
On July 9, Treasury issued Notice 2013-45 that officially provided transition relief for 2014 under Section 6055 (Section 6055 Information Reporting), 6056 (Section 6056 Information Reporting) and 4980H (Employer Shared Responsibility Provision). The U.S. House of Representatives is expected to consider legislation that would codify the announced delay this week.
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