The recent legislation signed by President Joe Biden on December 23, 2024, brings significant changes to the ACA reporting requirements. These updates, effective for the 2025 reporting period, aim to simplify the process for employers and health coverage providers. Key modifications include the option to provide individual statements upon request, the ability to offer electronic statements with prior consent, and the substitution of birth dates for taxpayer identification numbers (TINs). Additionally, applicable large employers (ALEs) now have extended response times for IRS penalty assessments and a new six-year limit on IRS collections.
Download the bulletin to get detailed insights into these changes and how they may impact your reporting obligations.
