In a surprise move, Treasury has announced that the employer mandate for “large businesses” to provide qualified health insurance, which was scheduled to start January 1, 2014, will be postponed for 1 year until January 1, 2015.
Mark J. Mazur, assistant Treasury secretary for tax policy stated, “We have heard concerns about the complexity of the requirements and the need for more time to implement them effectively.” He indicated the administration will publish formal guidance on the delay within the next week.
The announcement does not postpone the requirement that individuals obtain qualifying health insurance.
Gray, Gray & Gray will continue to track this breaking news and keep you informed as more details become available. In the meantime, if you have any questions, please contact our Tax Department at (781) 407-0300.