ACA Update: Final regulations announced regarding shared responsibility

Posted by Scott Sipple, Jr., CPA

On February 13, 2014, IRS has issued final regulations that provide guidance to employers that are subject to the shared responsibility provisions for employee health coverage under Code Sec. 4980H , which was enacted by the Affordable Care Act (ACA).

Companies with 50-99 employees that do not yet provide quality, affordable health insurance to their full-time workers will report on their workers and coverage in 2015, but have until 2016 before any employer responsibility payments could apply.  Thus, the aforementioned reporting requirements and responsibility payments, respectively, are extended for one year.

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