Feds issue ObamaCare reporting rules

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“Today’s proposed rules enable us to continue engaging on how best to implement the ACA reporting requirements in a more streamlined and focused manner,” Assistant Treasury Secretary for Tax Policy Mark Mazur said in a statement. “We will continue to consider ways, consistent with the law, to simplify the new information reporting process and bring about a smooth implementation of those new rules.”

Under ObamaCare, insurers and large businesses that offer health insurance need to report information to the Internal Revenue Service about themselves, people who are covered by their plans and the time frame of their coverage.

Starting in 2015, businesses with 50 or more fulltime workers will be required to offer health insurance and submit reports to the government about that coverage or else pay a penalty, a provision known as the employer mandate.

However, the Obama administration is encouraging businesses to voluntarily submit the information starting in 2014, when the mandate was originally set to take effect before it was delayed earlier this year.

The Treasury Department claims that the new draft rules were developed based on consultations with taxpayers, insurers and plan sponsors.

The new proposal grants some flexibility to businesses by eliminating a requirement that businesses determine whether each particular worker is a fulltime employee as long as all potentially fulltime workers are offered coverage that meets minimum specifications. Insurers will also not have to report data about individual coverage offered through new state-based marketplaces, since those marketplaces will report that information.

The regulations were first announced in September.

-- This story was amended on Oct. 2 to indicate that the regulations were issued in September. 

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