Tuesday evening the Treasury Department announced that it would delay enforcement of the employer shared responsibility penalty provisions, often referred to as “Play or Pay”, until 2015.
According to the Treasury Department, the transitional relief is due to a planned delay in the information reporting requirements for employers and other providers of health insurance coverage which will make it impossible to enforce the penalty provisions. The Treasury Department also noted there will be no delay in eligibility for premium tax credits for individuals. The announcement is welcome news for employers. Additional guidance on the transitional rules is expected soon.
Access a copy of the IRS announcement.