The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released two final rules implementing annual information reporting requirements for insurers and employers pursuant to the individual and employer mandate provisions of the Affordable Care Act (ACA).
The final rule on Information Reporting of Minimum Essential Coverage implements reporting requirements under Section 6055 of the Internal Revenue Code (IRC). It requires employers that provide minimum essential health coverage to annually report to the IRS information about the coverage they provide and about the individuals to whom such coverage was provided.
The final rule on Information Reporting by Applicable Large Employers on Health Insurance Coverage Offered Under Employer-Sponsored Plans pertains to IRC Section 6056. It implements the information reporting requirements for applicable “large employers” (employers with 50 or more full-time employees) regarding the type of health coverage offered to full-time employees.