Chapter 3 IRS EMPLOYER AND INSURER REPORTING REQUIREMENTS

LEARNING OBJECTIVES

After completing this chapter, you should be able to do the following:

  • Identify the Patient Protection and Affordable Care Act (ACA) provisions that the IRS is responsible for in terms of implementation, administration, and enforcement.
  • Identify which IRS reporting forms and required information employers and insurers must submit.
  • Identify what elements are to be reported on IRS ACA reporting.
  • Recall due dates for IRS reporting requirements.
  • Identify under which circumstances a firm can use the general versus alternative method of reporting.

The Patient Protection and Affordable Care Act: An Overview

One of the stated goals of the ACA was to improve access to and affordability of health insurance coverage for the uninsured and underinsured. The ACA attempts to achieve this goal through the creation of health insurance exchanges (also called “marketplaces”) to provide individuals and small employers with access to insurance. Enrollment in the exchanges is allowed only during open enrollment periods (currently November through February of the subsequent year), unless individuals have special circumstances such as the loss of a job, change in marital status, or birth of a child.

Although the exchanges help improve access to health insurance coverage, this coverage may still not be affordable to lower-income individuals and their families. To improve affordability, the ACA provides subsidies in ...

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