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Federal Register / Vol. 86, No. 231 / Monday, December 6, 2021 / Proposed Rules are proposed to apply for calendar years beginning after December 31, 2021.
Taxpayers may rely on 1.60551 and 301.60561 of these proposed regulations for calendar years beginning after December 31, 2020, and before the date a Treasury Decision finalizing the regulations is published in the Federal Register. See the 2016 proposed regulations for the proposed applicability dates of those proposed rules.
Special Analyses I. Regulatory Planning and Review Economic Analysis These proposed regulations are not subject to review under section 6b of Executive Order 12866 pursuant to the Memorandum of Agreement April 11, 2018 between the Treasury Department and the Office of Management and Budget OMB regarding review of tax regulations.

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II. Paperwork Reduction Act An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid control number assigned by OMB.
There is no collection of information contained in these proposed regulations.
The collections of information contained in 1.60551 and 301.6056
1 were previously reviewed and approved by OMB in accordance with the Paperwork Reduction Act of 1995
44 U.S.C. 3507d and are associated with control numbers 15452251
associated with Form 1095C and 15452252 associated with Form 1095
B.
The Paperwork Reduction Act 44
U.S.C. 35013520 relates to information collection requests by any government agency. A collection of information generally means the obtaining, causing to be obtained, soliciting, or requiring the disclosure to third parties or the public, of facts or opinions by or for an agency, regardless of form or format, calling for either 1 answers to identical questions posted to, or identical reporting or recordkeeping requirements imposed on ten or more persons, other than agencies, instrumentalities, or employees of the United States, or 2
answers to questions posed to agencies, instrumentalities, or employees of the United States which are to be used for general statistical purposes. 44 U.S.C.
35023. A collection of information is commonly referred to as a reporting, recordkeeping, or disclosure requirement.
These proposed regulations do not require a reporting entity to provide any
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information to the Federal government, to maintain specific records, or to disclose any additional information that the reporting entity did not already have a requirement to disclose.
III. Initial Regulatory Flexibility Analysis When an agency issues a proposed rulemaking, the Regulatory Flexibility Act 5 U.S.C. chapter 6 Act requires the agency to prepare and make available for public comment an initial regulatory flexibility analysis that describes the impact of the proposed rule on small entities. 5 U.S.C. 603a.
The term small entities is defined in 5 U.S.C. 601 to mean small business, small organization, and small governmental jurisdiction, which are also defined in 5 U.S.C. 601. Small business size standards define whether a business is small and have been established for types of economic activities, or industry, generally under the North American Industry Classification System NAICS. See Title 13, Part 121 of the Code of Federal Regulations titled Small Business Size Regulations. The size standards look at various factors, including annual receipts, number of employees, and amount of assets, to determine whether the business is small. See Title 13, Part 121.201 of the Code of Federal Regulations for the Small Business Size Standards by NAICS Industry.
Section 605 of the Act provides an exception to the requirement to prepare an initial regulatory flexibility analysis if the agency certifies that the proposed rulemaking will not have a significant economic impact on a substantial number of small entities.
The Treasury Department and the IRS
conclude that, although the overall impact of these proposed regulations will substantially reduce the burden on small entities, these proposed regulations, if finalized, will impact a substantial number of small entities and the economic impact on those small entities will be significant. As a result, although the impact of these regulations is positive for small entities, an initial regulatory flexibility analysis is required.
Description of the reasons why the agency action is being considered.
The proposed regulations under 1.5000A2 propose to make permanent the guidance in Notice 2020
66 regarding whether certain Medicaid coverage of COVID19 testing and diagnostic services is minimum essential coverage. The proposed regulations under 1.60551 and 301.60561 propose to make permanent the extension of time to furnish Forms
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1095B and 1095C to responsible individuals and employees that has been provided every year since 2015.
The proposed regulations under 1.60551 also allow reporting entities to furnish the statement required by section 6055 by providing notice on their website and by providing the statement to the responsible individual upon request.
The proposed regulations under 1.5000A2 will ensure that taxpayers have accurate guidance when determining whether they have minimum essential coverage, which in turn will assist taxpayers in determining whether they qualify for the premium tax credit. The proposed regulations under 1.60551 and 301.60561 will reduce the burden on reporting entities by extending the time to satisfy their reporting obligations with regard to health care coverage without worrying whether the penalty under section 6722
will be imposed. The extension should result in increased timely and accurate reporting. Those proposed regulations also reduce the burden on reporting entities by providing a low-cost option to satisfy the reporting obligation under section 6055 at a time when responsible individuals do not need the information to complete their returns.
Statement of the objectives of, and the legal basis for, the proposed rule.
The principal objectives of the proposed regulations are to provide taxpayers with definitive guidance of what constitutes, or does not constitute, minimum essential coverage, to provide reporting entities with a sufficient amount of time to complete and furnish accurate statements to responsible individuals and full-time employees, and to offer reporting entities under section 6055 a minimally burdensome option by which to furnish the required statement. The legal basis for defining minimum essential coverage is section 5000Af1E, which provides the Secretary of the Treasury or her delegate Secretary with the authority to determine what types of health coverage constitute minimum essential coverage.
The legal basis for the extended due date was originally set forth in the series of notices referenced in the Explanation of Provisions section above, under which the Treasury Department and the IRS extended the dates for furnishing statements to responsible individuals and full-time employees, providing that taxpayers that satisfy the furnishing requirement by the extended due date will not be subject to penalties under sections 6721 and 6722. Section 6724a provides that no penalty is imposed under section 6721 or 6722 if it is shown that the failure is due to
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