Several days ago, Reps. Diane Black (R-TN) and Mike Thompson (D-CA) introduced legislation to the U.S. House of Representatives that would minimize employers’ Affordable Care Act reporting requirements.
The ACA requires employers and insurance carriers to collect various pieces of data every month and report them to the IRS and individuals every year. This is supposed to serve as verification of compliance with mandates set forth by ACA and facilitate the administration of tax credits and subsidies through state and federal insurance exchanges.
H.R. 2712, “The Commonsense Reporting and Verification Act of 2015,” is intended simplify and minimize employers’ reporting requirements and reduce the number of employees who may incorrectly receive government subsidies by creating a more efficient, voluntary reporting system that protects employees’ privacy by doing away with the requirements that companies collect private information like dependents’ Social Security numbers, and allows for electronic reporting.