Along with the delay of Employer Mandates, the Treasury Department also announced on July 2, 2013 that the new employer and insurer reporting requirements will be delayed until 2015.
In a memo, treasury officials details that the requirements under IRC Sections 6055 and 6056 are included in the delay in addition to the requirement under Section 4980H that employers with at least 50 full-time employees provide health insurance to their employees or pay a penalty for not doing so.
Mark Mazur, Assistant Secretary of the Treasury, said that this delay will “allow us to consider ways to simplify the new reporting requirements consistent with the law. Second, it will provide time to adapt health coverage and reporting systems while employers are moving toward making health coverage affordable and accessible for their employees.”
Treasury is expected to release formal guidance on the transition in the coming days.
