IRS Updates Guidance for Affordable Care Act
On April 6, 2017, the Internal Revenue Service (IRS) updated its fact sheet on the Affordable Care Act tax provisions, types of employer payments, and how such payments are calculated. The fact sheet covers the following topics:
- Basic information about an employer’s shared responsibility payment for failure to offer minimum essential coverage and failure to offer affordable minimum essential coverage that provides minimum value.
- Meaning of offer of coverage.
- Assessment and collection of the employer shared responsibility payment.
- Non-deductibility of employer shared responsibility payment and more applicable information.
The U.S. Department of the Treasury provides further guidance in its Final Regulations Implementing Information Reporting for Employers and Insurers under the Affordable Care Act (ACA) fact sheet, albeit from 2014.