The Department of Treasury announced yesterday that based on concerns of employers it will delay certain provisions in the Affordable Care Act. Included in the provisions that will be delayed are the employer reporting requirements and the tax penalties for businesses subject to the Play or Pay requirements. Essentially this delays the requirement for certain employers to offer healthcare to their employees until 2015.
Although compliance is now voluntary in 2014, employers are encouraged to attempt to comply with the Act and proactively consider the 2015 deadline while deciding on 2014 health care plans (in anticipation of the mandated reporting and penalties). More information will be released next week. Please keep watch for further updates.
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