Today, the IRS released guidance on Affordable Care Act (ACA) penalty relief for small employers.  Notice 2015-17 provides transition relief from the assessment of excise tax under Section 4980D for small employers who reimburse or pay a premium for an individual health insurance policy for an employee.  The notice also addresses the treatment for federal tax and for market reform purposes of arrangements reimbursing premiums of two percent-shareholder employees of S corporations.