The IRS has released formal guidance on the delay of the Affordable Care Act's employee mandate and reporting requirements. The text of which is reported in full below.
What this means is Employers who fail to offer minimum essential coverage that provides minimum value and is affordable to its full-time employees under the ACA's employer mandate in 2014 will not be subject to a penalty. The penalty is expected to apply starting on January 1, 2015.
Employers must still comply with the other provisions of the ACA, including requirements regarding the type of coverage that must be provided (such as women's preventive care and the elimination of pre-existing condition exclusions), Form W2 Reporting and distribution requirement such as distributing a Summary of Benefits and Coverage and Notice of Coverage Options.