As a part of our ongoing commitment to serving our clients, we would like to share information that affects your business related to the Patient Protection and Affordable Care Act. Reporting requirements took effect on January 1, 2015 and will affect small and large businesses differently.
What will be the same for any business are the two basic reporting obligations which include 1) Filing (with the IRS) and 2) Furnishing (to employees).
ACA's Shared Responsibility For Employers Highlights:
- Under “play or pay” rules, beginning in 2015, an “applicable large employer” (ALE) will be liable for an assessable payment. If you are an ALE, do you have steps in place to fulfill the filing and the furnishing obligations? Failure to do so will result in penalties.
- An ALE, in 2015 by definition is an employer with over 100 employees, must offer the minimum essential coverage. As an ALE, are you offering affordable basic health insurance coverage to your employees?
- Beginning January 1, 2015, you must collect certain information during 2015 in order to report in 2016 with respect to the 2015 calendar year. Are you compiling data that demonstrates how many full-time employees you have and whom you are offering coverage?
Our team of advisors can assist you in answering these key questions to determine how the new provisions will affect you. We can help you prioritize this administrative burden and help you prepare for the next steps.