Health Care Reform
The Affordable Care Act (ACA) has had a profound impact on how employers provide health care benefits. By knowing what takes effect, and when, businesses can be proactive and comply with the federal regulations.
Employers face a variety of tax-related compliance requirements under the act, perhaps the most notable of which is the “Play or Pay” provision that went into effect in 2015. The IRS was lenient in assessing penalties for incorrect or incomplete information reported in the past; however, there is no room for error now.
Health Care Reform is complex.
Rely on Yeo & Yeo to determine the most critical aspects of health care reform:
- If you are considered a large employer
- If you are considered a large employer, your exposure in terms of fines and penalties
- If your health insurance coverage to employees is considered affordable and of minimal plan value
- Who is eligible for coverage under the new law, and how long you must offer them coverage
- If you should continue to offer even more health insurance coverage in the future
- The tax strategies involved in health care reform
- The payroll and W-2 requirements to meet the health care reform requirements
Health Care Reform Resources
- Affordable Care Act Reporting Requirements are Looming -- Employers Need to Prepare
- New ACA Employer Reporting Requirements Effective Now
- Affordable Care Act - Employer Reporting Summary of what is reported on each of the forms and a chart of the major reporting requirements
- Patient Protection and Affordable Care Act: A Historical Overview - a list of key provisions and their effective dates (published July 2014)
- IRS Recommended Websites – online resources for individuals and businesses
- The Henry J. Kaiser Family Foundation– a wealth of information about healthcare in general as well as the impact of federal Health Care Reform legislation
Form 1095-C Preparation Services
Avoid significant penalties and save a considerable amount of time — let Yeo & Yeo simplify ACA compliance by providing Form 1095-C preparation services that are efficient and cost-effective.
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September 15, 2016
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