Small Business Reg Alerts: U.S.–Canada Trade and Healthcare Reporting

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Progress of the U.S.–Canada Effort to Streamline Regulatory Differences

On August 29, the Office of Management and Budget asked for comments on the U.S.–Canada Regulation Cooperation Council’s progress.

Background: In February 2011, President Obama and Prime Minister Harper announced the creation of the Canada–U.S. Regulatory Cooperation Council (RCC). The council is charged with addressing regulatory differences between the two governments and working to improve free and open trade that encourages jobs and growth in both countries. Now, the RCC wants stakeholder input for issues and/or sectors that should be considered for future cooperation between countries. Comments are due by Friday, October 11, 2013.

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Affordable Care Act Reporting Requirement

On September 5, the Internal Revenue Service (IRS) issued a proposed regulation to implement the information reporting requirements under the Affordable Care Act (ACA).

Background: The regulation would require insurers, self-insured employers, government-sponsored programs, and entities that provide minimum essential coverage to report information on this coverage to the IRS and to covered individuals. As part of the effort to minimize the cost and administrative steps associated with the reporting requirements, the proposed regulations do not require reporting information that would not be needed by individual taxpayers or the IRS for purposes of administering the individual shared responsibility provisions or the credit for small employers. All small businesses that provide minimum essential coverage are affected by this rule. The comment deadline is November 8, 2013.

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