Urge lawmakers to support legislation that streamlines and modernizes health care benefit reporting requirements
As human resource (HR) professionals, we are committed to creating better workplaces and a better world. Together with our lawmakers in Congress, we can make meaningful change. Today we need to tell our Members of Congress to support bipartisan legislation to streamline and modernize healthcare benefit reporting requirements.
Under current law, employers must report annual data to the Internal Revenue Service (IRS) under tax code Sections 6055 and 6056. These provisions require HR professionals track data each month for annual reports to the IRS. SHRM research shows that fulfilling these requirements comes at great time and expense to employers. If an employer is unable to submit IRS forms, they may face serious financial penalties.
Legislation such as the Commonsense Reporting Act would represent a welcome step in the right direction to modernize reporting requirements. A more streamlined, proactive reporting system would reduce burden on employers and the IRS. Additionally, such an approach would provide compliance relief by allowing employers participating in to transmit Form 1095 to employees electronically rather than requiring each form be printed and mailed.
Reducing unnecessary reporting burdens allow HR professionals to focus their valuable time and resources on what matters most: creating better workplaces and a better world.