The reporting requirements under the Affordable Care Act (ACA) have been in effect since 2015.  Many employers, mainly large employers, are already familiar with the rules.  However, some employers, particularly those that have grown in size, may lack clarity regarding their reporting obligations under the law.  As the deadlines for 2020 ACA reporting roll near,

On Oct. 2, 2020, IRS Notice 2020-76 extended the due date for furnishing forms to individuals under Sections 6055 and 6056 for 2020 to March 2, 2021. This Notice also provides a final extension of good-faith transition relief from penalties related to 2020 ACA reporting and provides additional penalty relief related to failures to furnish

On July 21, 2020, the IRS issued Revenue Procedure 2020-36 to index the contribution percentages in 2021 for purposes of determining the affordability of an employer’s plan under the ACA. This ACA Compliance Bulletin describes the adjusted percentages.

Please be advised, we have created an updated version of this Benefits Bulletin to include the extension of the PCORI fees. The original copy was replaced above by the revised version. As always, feel free to reach out to us with any questions. On Dec. 20, 2019, President Trump signed a spending bill into law