The ACA Reporting Task Force is a targeted effort driven by a group of leading industry trade associations and businesses of all sizes, as well as employer-sponsored plans insuring millions of American workers. Members of the Task Force seek to reduce complexity and advocate for commonsense solutions that protect employers and employees. The Task Force is dedicated to the common goal of creating solutions for both large and small employers to ensure that employer-sponsored coverage – the backbone of the US health care system – remains a competitive and affordable option for employers and for employees.
The Affordable Care Act (ACA) requires employers to comply with new complex Internal Revenue Service (IRS) reporting requirements to verify compliance with the ACA's employer and individual mandates, and administer Exchange tax credits. The reporting requirements, codified in Internal Revenue Code sections 6055 and 6056, require employers and insurers to collect extensive new information on a monthly basis and submit comprehensive annual reports to millions of employees and the IRS on a retrospective basis, reporting on the previous year's coverage.
This retrospective reporting will expose some lower income employees to significant and unexpected tax credit repayments because the Exchanges do not have up-to-date information about the availability of affordable employer sponsored insurance when making financial assistance determinations. An erroneous eligibility determination will require employers to appeal inaccurate tax liability determinations, which could trigger steep recapture payments for low income employees. This will create a challenging situation for affected employees and employers.
In addition, the reporting requirements mandate that employers and health insurers collect, retain, and remit to employees and the IRS, the Social Security numbers of not only their employees, but also their employees' spouses and dependents. This requirement creates a significant privacy and data security risk for employees and employers.
For additional information about the ACA Reporting Task Force, contact: Christine Pollack, vice president of government affairs, at email@example.com.
Letter of support for H.R. 2712 – Commonsense Reporting and Verification Act
Letter of support for S. 1996 – Commonsense Reporting Act
Task Force Members:
- American Rental Association
- American Staffing Association
- Auto Care Association
- CVS Health
- GAP, Inc.
- National Association of Health Underwriters
- National Grocers Association
- National Restaurant Association
- National Retail Federation
- Petco Holdings, Inc.
- Retail Industry Leaders Association*
- U.S. Chamber of Commerce
*Task Force Administrator