Treasury
Delays Group Reform
Requirements for Arizona
Companies
The
U.S. Department of the
Treasury has announced
that it will postpone
the mandatory employer
and insurer reporting
requirements until 2015.
The postpone was due to
feedback from employers
about the difficulties
in complying with
Applicable Large
Employer requirements
under the Affordable
Care Act (ObamaCare).
Without the reporting
requirements, the
Applicable Large
Employer tax penalties
will not be able to be
implemented in a
practical fashion. This
provision of the law
required that all
businesses with firms
with more than 50
employees to provide
health care for these
employees for face a
penalty. These
penalties, which were
originally supposed to
be effective on January
1, 2014, will thus be
delayed until 2015.
This may result in the
exchanges accepting an
applicant’s family
income claim that makes
him or her eligible for
the subsidy without
further verification.
“For income
verification, for the
first year of
operations, we are
providing Exchanges with
temporarily expanded
discretion to accept an
attestation of projected
annual household income
without further
verification.” This,
according to a
spokesperson at the
Centers for Medicare and
Medicare Service.
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