With 2016 quickly approaching, thoughts have turned to the Affordable Care Act (ACA) reporting deadline. From the new sections of the Internal Revenue Code to the new IRS forms, employers have a lot of information to absorb. Are you ready?
The Employer Mandate (Employer Shared Responsibility Payment) provision of the Affordable Care Act (ACA) imposes a penalty on large employers that do not offer minimum essential coverage to substantially all full-time equated (FTE) employees and their dependents up to age 26. Coverage offered must also be considered affordable and provide minimum value in order to avoid penalties. While the employer mandate penalties and related reporting requirements were delayed for one year the first forms are required in January 2016 for employees and that is right around the corner. Each employer needs to assess how their company falls under the regulations in order to prepare for the necessary reporting.
Time is of the essence in understanding and planning how to comply with this reporting requirement. In our webinar presentation, Jyothi Sadda, Lead Solution Engineer at EiS and I talked about some of key reporting components like ‘Am I an Applicable Large Employer ( ALE)?’ What types of employees need to be included? 30, 120, 9.5%, 98% – what are all these numbers and how do they fit into the report requirements?