1095 Tax Form With an end to good-faith relief, it's important for employers to review Forms 1094-B or C and 1095-C before they are filed with the IRS to ensure they are accurate. (Photo: Shutterstock)

As businesses slowly settle in to the new normal, HR professionals can enjoy a bit of a reprieve as the onslaught of COVID-19 related regulatory requirements comes to an end. Nevertheless, there remain significant regulatory changes that HR professionals must get in front of to avoid noncompliance and, in some cases, the potential for stiff penalties. Here's a look at what the coming months have in store.

What's new for in 2022

Most notable for 2022 is a new reporting requirement set to begin in December. Under the Consolidated Appropriations Act (CAA), all employers offering group health plans, regardless of size, will be required to submit information on pharmacy benefits and health care spending to the Departments of Health and Human Services, Labor and Treasury. Insurers and pharmacy benefit managers are also required to submit this information. The intent is to develop a comprehensive annual report beginning in 2023 on prescription drug prices and healthcare costs, and on the impact they have on premiums and consumers' out-of-pocket costs.

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