DeMystifying the Affordable Care Act

The Affordable Care Act (ACA) created new reporting requirements under the Internal Revenue Code sections 6055 and 6056. Under these new reporting rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees. The additional reporting is intended to promote transparency with respect to health plan coverage and costs. It also provides the government with information to administer other ACA mandates, such as the large employer shared responsibility penalties and the individual penalty.

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