By Bill Fryman
The House of Representatives passed a bill to replace the Affordable Care Act on May 4, 2017. There is still much uncertainty, but we wanted to make sure our customers and partners were aware of what is happening next.
First and foremost, the bill is not law until it passes the Senate. What this means for employers is that, until the federal government (through legislation or regulation changes) provides affirmative guidance that 1094 and 1095 reporting will no longer be enforced, it is still the law of the land. Employers risk substantial penalties for failing to comply with the reporting requirement.
On a related note, if the IRS allows the “good faith effort” to apply for the 2017 filing season, as it did for 2015 and 2016, this relief would not apply to employers who simply refused to comply due to the belief the ACA reporting requirement will ultimately be repealed.
The bill is not scheduled for a vote in the Senate yet, but we will continue to keep a close eye on the situation (and I’m sure you will too!). We will continue to make updates here as we receive them regarding any legislative changes and how they will affect our partners and customers.