IRS Notice Regarding 2014 Transition Relief for Affordable Care Act Information Reporting and Play-or-Pay Penalties

On July 9, 2013, the IRS published Notice 2013-45, formalizing the Treasury Department?ÇÖs earlier announcement of transition relief through 2014 for the Affordable Care Act?ÇÖs (the ?Ç£ACA?Ç¥) employer and insurer reporting requirements under Sections 6055 and 6056 of the Internal Revenue Code (?Ç£Information Reporting?Ç¥) and employer play-or-pay penalties. The Notice indicates that publication of proposed rules regarding Information Reporting is expected this summer. Although compliance with the Information Reporting requirements is not required during 2014, employers and other reporting entities are encouraged to voluntarily comply once the proposed rules have been issued. A copy of the Notice is available?áhere.