Republican Senators came together to revise the 2015 GOP bill that was previously vetoed by former President Barack Obama. This would have introduced an amendment to bar federal dollars for abortion fundings. A simple majority was needed to pass the bill, but seven Republican Senators voted the measure down.
The bill would have repealed many of the regulations set down by the Affordable Care Act without implementing an immediate replacement. The plan was to have the health care bill repealed in two years giving lawmakers additional time to pass a replacement act.
Attempt #3: Skinny Repeal
Three Republican Senators effectively squashed the last-ditch effort to repeal Obamacare as part of the budget process. With the party unable to push more sweeping legislation leadership crafted a “skinny” repeal plan that left much of the current Affordable Care Act in place. Medicaid and subsidies were to be left untouched, but this would have eliminated the individual/ employer mandate, and medical device tax.
Attempt #4: Graham-Cassidy
On September 30th, 2017 the budget reconciliation expired blocking the GOP’s opportunity to overhaul the Affordable Care Act with just 50 voters. Senator Lindsey Graham of South Carolina and Bill Cassidy of Louisiana revised their former draft of the Republican plan to repeal and efficiently replace Obamacare. This would install additional funding provisions and regulatory change aimed at securing senators support.
This plan would have eliminated the following: Medicaid expansion, cost-sharing subsidies, tax credits, and the Individual/Employer Mandate.
GOP’s New Bill: The Tax Cuts and Jobs Act
On December 22nd President Trump signed the Tax Cuts and Jobs Act after the House passed the tax bill with a historical party-line vote. This tax reform bill reduces the federal budget deficit by approximately $318 billion by eliminating costs associated with the individual mandate.
Although the individual mandate has been repealed, individuals must comply with the previous obligation for the 2018 tax season. Applicable Large Employers and Third Party Administrators are still required to track ACA compliance and provide ACA reporting for the 2017 fiscal tax year. Those who fail to file will face ACA filing penalties.
For more information on your ACA reporting and filing, obligations click here.
The current administration claims that this will make the end of the ACA, but applicable businesses must prepare and file all required healthcare information forms.
ACA Reporting Deadlines 2018
Despite the continued efforts to “repeal and replace” the Affordable Care Act, your business will still be required by law to report and file required information returns. Those who ignore this responsibility will face severe penalties.
While the road ahead might be rocky, ACAwise will continue to provide full-service ACA reporting and compliance. Getting started is easy, and, with volume-based pricing, you will get the best deal available! Get to know one of our knowledgeable product managers and learn how we can help you smoothly file your IRS Form 1094-c and 1095-c.