The IRS has released final regulations (TD 9970) granting automatic 30-day extensions for minimum essential coverage providers to furnish individual statements to beneficiaries regarding such coverage and for large employers with at least 50 full-time employees to furnish these statements to employees. This extension is accomplished by amending income tax regulations under Sections 5000A and 6055. Minimum essential coverage providers include health insurance issuers, self-insured employers and government agencies.
The regulations also provide that the Affordable Care Act-required “minimum essential coverage” — as that term is used in health-insurance-related tax laws — does not include Medicaid coverage limited to COVID-19 testing and diagnostic services provided under the Families First Coronavirus Response Act.
The final regulations also provide an alternative method for furnishing individual statements when the Section 5000A individual shared responsibility payment amount is zero.
More tax hot topics
No Results Found. Please search again using different keywords and/or filters.