Since the Affordable Care Act (ACA) first took center stage, a lot of questions have been raised regarding what the health care law requires. During the 2015 tax season, which is the first time taxpayers will need to comply with the ACA’s tax information reporting rules, employers and insurers will likely need to help their employees and members answer these questions.
Government gearing up for inaugural ACA reporting
The U.S. Department of the Treasury and Department of Health and Human Services are preparing themselves to field many inquiries, according to Accounting Today.
Both departments plan to make as many resources as possible available to taxpayers and others involved in the tax reporting process to aid in a smoother transition. This includes directing concerns to IRS resources, such as a guide the agency published for individuals and families in early January.
Treasury Secretary Jacob J. Lew said in a statement some taxpayers will have an easy time completing the new forms, and others will have a tougher time. In any case, the experience will be new, and employers and insurers must be standing by with answers as needed.
Keeping members and employees up to date
The IRS is not requiring insurers and employers to report ACA tax information out this year, but these entities should take some time to ensure their members and employees understand what kind of health coverage they offered throughout the year and how to note that information on the latest versions of individual tax returns.
