The IRS will begin enforcing the employer shared responsibility provisions of the Affordable Care Act later this year. The employer shared responsibility provisions require applicable large employers to offer affordable health coverage providing minimum value to their full-time employees or make a payment to the IRS if one of their full-time employees receives a tax credit for purchasing individual coverage through the health insurance Marketplace.
The IRS has long maintained a series of Frequently Asked Questions on the employer shared responsibility provisions. See our prior article by clicking here. Last week, the IRS updated these FAQs, confirming that enforcement of the shared responsibility provisions is imminent. In a new set of Questions and Answers, the IRS explains how it will assess and collect payments from employers that don’t satisfy the employer shared responsibility requirements.
The new Questions and Answers, starting with #55, can be accessed by clicking here.
The guidance provides:
Applicable large employers should be making sure they offer affordable coverage to all full-time employees. They should also keep on the lookout for communications from the IRS about the employer shared responsibility provisions.