Daily Tax Update - November 24, 2014: IRS Issues Final Regulations on Minimum Essential Coverage Under the Affordable Care Act

IRS Issues Final Regulations on Minimum Essential Coverage Under the Affordable Care Act:  The IRS and Treasury released final regulations regarding the Affordable Care Act’s requirement that individuals maintain minimum essential coverage.  The Affordable Care Act generally requires individuals to have qualifying health care coverage (called minimum essential coverage), qualify for a health coverage exemption, or make a shared responsibility payment when filing a federal income tax return.  The final regulations provide guidance on the requirement to maintain minimum essential coverage and rules governing certain types of exemptions from that requirement. 

IRS Issues Guidance on Safe Harbor Explanations for Eligible Rollover Distributions:  Today, in Notice 2014-74, the IRS issued guidance amending two safe harbor explanations that can be used to satisfy the requirement that certain information be provided to recipients of eligible rollover distributions.  The amendments relate to the allocation of pre-tax and after-tax amounts, distributions in the form of in-plan Roth rollovers, and certain other clarifications to the two safe harbor explanations.