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Paperwork Burden Reduction Act
12/15/2023, 4:09 PM
Summary of Bill S 3202
If passed, the Paperwork Burden Reduction Act would require federal agencies to review and streamline their paperwork requirements on a regular basis. This would help to eliminate unnecessary or redundant forms, making it easier for businesses to comply with regulations and reducing the time and resources spent on paperwork.
Additionally, the bill would require agencies to provide clear guidance on how to comply with regulations, making it easier for businesses and individuals to understand their obligations. This would help to reduce confusion and errors, ultimately saving time and money for those affected by the regulations. Overall, the Paperwork Burden Reduction Act aims to make the regulatory process more efficient and less burdensome for businesses and individuals. By streamlining paperwork requirements and providing clear guidance, this bill has the potential to make compliance with regulations easier and more cost-effective.
Congressional Summary of S 3202
Paperwork Burden Reduction Act
This bill modifies provisions under the Patient Protection and Affordable Care Act so that employers and health insurance providers are no longer required to send tax forms to covered individuals showing proof of minimum essential coverage (1095-B and 1095-C tax forms) unless a form is requested.
Currently, employers and health insurance providers that provide minimum essential coverage must report this information for each covered individual to the Internal Revenue Service (IRS) and provide a copy of this information to the covered individual (through 1095-B and 1095-C tax forms) by January 31 of each year.
The IRS allows for 1095-B tax forms, which are sent by certain health insurance providers and employers, to be made available to individuals only upon request. The bill provides statutory authority for this flexibility and extends this flexibility to 1095-C tax forms, which are sent by certain large employers. Such requests must be fulfilled by January 31 or 30 days after the date of the request, whichever is later. Employers and health insurance providers must give individuals timely notice of this option, in accordance with any requirements set by the IRS.
