U.S. Representatives Diane Black (R-Tenn.) and Michael Thompson (D-Calif.) recently introduced legislation aimed at streamlining the employer mandate reporting requirements under the Affordable Care Act to minimize compliance burdens on businesses.
H.R. 2712, The Commonsense Reporting and Verification Act of 2015, creates a voluntary prospective reporting system to simplify the process for reporting ACA compliance and tax credit eligibility information.
Under voluntary prospective reporting, data that would have been reported at the end of the year could be reported at the beginning of the eligibility process, helping to mitigate issues with inaccurate tax credit determinations.
The legislation also seeks to protect privacy by eliminating the requirement that businesses and insurers collect and report Social Security numbers for spouses and dependents.
The measure also would lessen the year-end reporting burdens that currently require data to be filed with the IRS on all of their employees.
The ACA requires employers to compile monthly data points for the Internal Revenue Service that are reported at tax time to the IRS and employees. The reporting requirements are used to determine whether employers are in compliance and whether employees are eligible for tax credits and cost-sharing subsidies.
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