IRS Unveils Its New Health Reporting Proposal

The Internal Revenue Service is charged with implementing the changes dealing with employer health care requirements, and they are planning on revising their current proposed reporting standards. This is for the reason of simplification, as they claim the burden on companies to report everything is too great. They have specified that no employers need to report on individuals which are covered under a health exchange program, as the exchange program would be redundantly reporting the same information. They also will only require the lowest-cost option to be reported, as that’s all that’s necessary for “affordable” standards to be met. The IRS is also requesting comments from both employees and employers on several possible changes. One such example is eliminating the need to calculate whether an employee meets full-time or equivalent status. They may also be exempt from reporting if they offer no-cost insurance to employees and their families, noting that these employees are far better off. Maybe some of them are starting to sympathize with the people who really don’t like dealing with the tax man. They may even extend the “no cost” exemption to insurance costing less than $800 a year, as it is not a sufficient amount of money to lower any employee below poverty.

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