The IRS recently updated long-unchanged guidance regarding its enforcement of the Affordable Care Act’s (“ACA’s”) employer shared responsibility provisions (commonly called the “employer mandate”), which generally require large employers to offer health care coverage to their full-time employees or face tax penalties. According to the new guidance, the IRS plans to notify employers in late 2017 of their potential liability with respect to the 2015 calendar year, which means employers may receive some not-so-merry IRS greeting cards just as this year’s holiday season gets underway.
On October 23, 2017, the Securities and Exchange Commission (the “SEC”) approved a new audit standard of the Public Company Accounting Oversight Board (“PCAOB”) that significantly modifies and expands the form of auditor’s report to be issued by auditors of SEC registrants. The most significant change to the report is the addition of a requirement to discuss “critical audit matters” (or “CAMs”).
Last year, the Department of Labor (“DOL”) released final regulations changing the way employers and other administrators handle benefit claims that necessitate a finding of disability (“Final Regulations”).
Section 72003 of the Fixing America’s Surface Transportation Act (the “FAST Act”), enacted in December 2015, directed the Securities and Exchange Commission (the “SEC”) to carry out a study of the SEC’s disclosure requirements, with a view toward modernizing and simplifying certain requirements in Regulation S-K and related rules and forms. Regulation S-K is the “central repository” for most of the SEC’s disclosure requirements, and is referred to in forms regarding registration of securities, annual, quarterly and other reports required to be filed and proxy statements.