DETROIT – New annual reporting obligations under the Affordable Care Act go into effect for 2015. Although the new reporting won?t actually begin until early 2016, your organization will need to look at (and if necessary, modify) its payroll system in 2014 to ensure that it will be capturing the required information throughout 2015.
Information Reporting on Minimum Essential Coverage: Under new Tax Code Section 6055, any employer that offers employees a self-insured medical plan (other than a limited list of excepted benefits) will have to file an annual information return with the IRS and provide annual information statements to individuals. If your organization has an insured medical plan, your insurer will be responsible for this particular information return, but you will still have other reporting obligations, as explained below.
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