Affordable Care Act Developments

Affordable Care Act Word Cloud Concept with great terms such as healthcare reform exchanges insurance law and more.Below you will find a brief update on a few recent developments on the Affordable Care Act (ACA):

"Cadillac Tax" Delayed

In late 2015, as part of the year-end government-funding package, Congress passed a two-year delay of the 40 percent excise tax on high-cost employer-sponsored health plans, also known as the "Cadillac Tax."  The tax was originally to be effective January 1, 2018, and would impose a penalty on employers who provide "generous health plans" - plans that exceed certain annual indexed dollar limits. The Cadillac Tax, which is disfavored by many, has now been delayed until 2020.

Information Reporting Requirements Extended

The Internal Revenue Service has extended the deadlines for the 2015 information reporting requirements for employers and insurers under the ACA.  Employers were supposed to report to employees and the IRS specific information about the health coverage the employer provides by February 1, 2016.  This deadline - to provide individuals with Forms 1095-B and 1095-C - has been extended until March 31, 2016.  The deadline for providing to the IRS Forms 1094-B, 1095-B, 1094-C, and 1095-C has been extended to May 31, 2016 (if not filing electronically) or June 30, 2016 (if filing electronically).

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