On March 23, 2010, President Obama signed the Affordable Care Act. The law put in place comprehensive health insurance reforms that put consumers back in charge of their health care. The Affordable Care Act is working to make health care more affordable, accessible and of a higher quality, for families, seniors, businesses, and taxpayers alike. This includes previously uninsured Americans, and Americans who had insurance that didn’t provide them adequate coverage and security.
Beginning in 2015, the Affordable Care Act provides for information reporting by employers with 50 or more full-time employees (including full-time equivalent employees regarding the health coverage they offer to their full-time employees; known as Section 6056 rules). New information reporting by issuers, self-insuring employers, and other parties that provide health coverage also take effect in 2015 (Section 6055 rules). The first of these reports must be filed in early 2016.
Check out the links provided below for more information on ACA and ACA Reporting:
This is not intended as tax advice and you should consult your accountant or HR specialist to confirm these results