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December 13, 2022

IRS issues final regulations permanently extending Affordable Care Act reporting deadline

In new final regulations (TD 9970), the IRS provides an automatic extension for providers of minimum essential coverage to furnish individual statements regarding that coverage. It also provides (1) an alternative method for furnishing individual statements when the individual shared responsibility payment amount is zero; and (2) an automatic extension for applicable large employers to furnish health insurance statements for full-time employees. The regulations affect certain health insurance issuers, self-insured employers, government agencies, applicable large employers and employees.

A Tax Alert is forthcoming. For background, see Tax Alert 2021-2165.

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor