What you need to know about the Affordable Care Act

By Rick Cooley, CPA

As you’ve heard, the new healthcare law contains many new tax provisions that impact employers of all sizes.

That said, understanding the size and structure of your workforce – whether it is small or large – will help you understand the details of the impact on your organization and navigate the complexities of the new law and comply with those parts that apply to your organization. Calculating the number of employees is particularly important for employers that have close to 50 employees. The following are questions you should be asking yourself:

Is my organization an Applicable Large Employer?  » Read more

Health insurance reporting requirements

By Megan Ryan, CPA

Beginning in calendar year 2015, certain employers must comply with the Affordable Care Act requirement to offer health insurance to full time employees. In conjunction with this requirement, employers are required to report to both employees and the Internal Revenue Service specific information related to the health insurance made available to employees. Such reporting requirements begin in early 2016, as it relates to the 2015 calendar year.

Which Employers Must Comply?

In 2015, the employer mandate and related health insurance reporting requirements will apply only to those employers with more than 99 full-time equivalent employees. In 2016,

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Employers should plan now for the affordable care act’s employer mandate

By Megan Ryan, CPA

To avoid penalties, employers should take steps now to ensure that they are in compliance with the ACA requirements by the time open enrollment begins during the latter part of 2014. The penalty will be assessed on employers that do not offer health insurance to employees that meets the minimum requirements for coverage as outlined in the ACA.

The good news is that the coverage requirements and penalty for noncompliance, originally scheduled to begin in calendar year 2014, are delayed for one year and won’t be enforced until calendar year 2015. The terms of the mandate remain,

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Self-Insured Medical Plan Fees Due July 31, 2013

By Megan Ryan, CPA

Employers who maintain self-insured medical plans are subject to the Patient-Centered Outcomes Research Trust Fund Fee established under the Affordable Care Act (ACA). The fee will fund the Patient-Centered Outcomes Research Institute (PCORI). Some employers with self-insured medical plans must pay this fee for the first time on or before July 31, 2013. The fee will continue to be due on July 31st each year, currently expiring in 2020.

The plan sponsor is the party responsible for payment of the fee. In general, the employer that established the self-insured plan is the plan sponsor for purposes of the PCORI fee.

 » Read more

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