Is your company facing a potential employer shared responsibility tax penalty under the Affordable Care Act (ACA)? The ACA requires ALEs to offer health coverage to at least 95% of benefits-eligible employees or potentially pay a tax penalty.
The IRS has released details regarding how penalties for noncompliance with the employer shared responsibility provisions of the Affordable Care Act (ACA) will be communicated. Although no penalties have been assessed to date, the fact that the IRS has now formalized this process is a tell-tale sign that penalty collection is on the way.
On March 6, 2017, Republicans put forward their plan to repeal and replace the Affordable Care Act (ACA), also known as Obamacare. Although this proposed bill will no doubt have some changes as it makes its way through committees and both houses of Congress, here is a summary of what is in the first public draft of the bill.
President Trump has already gotten to work on repealing and replacing the Affordable Care Act (ACA). However, we can expect extensive delays before we see any significant changes to the ACA.In the meantime, companies are advised to continue to comply with the ACA to avoid penalties, including “pay or play” mandate for Applicable Large Employers (ALEs) to offer ACA compliant coverage and Section 6056 reporting.
The 2016 election is over and a new president will take office on January 20, 2017.Throughout his campaign, President-elect Trump made it very clear that he intends to repeal the Affordable Care Act. So what does it mean for the provisions of the Act itself if he is successful?
Companies that are primarily engaged in providing or administering health care services or coverage have one more Affordable Care Act (ACA) notice requirement to worry about. Effective October 16, 2016, healthcare companies must post a notice stating that they do not engage in discrimination that is prohibited by ACA Section 1557.
A new survey released by TriNet underscores how employees at small and midsize businesses feel about the current presidential election, especially in regard to the Affordable Care Act.
The U.S. Department of Health and Human Services (HHS) and the Centers for Medicare and Medicaid Services (CMS) have made proposals to change the benefit and payment parameters for the Affordable Care Act’s (ACA) health insurance marketplace for 2018. If HHS and CMS’s proposed changes are finalized, they will be effective for plan years that begin on or after January 1, 2018.
For more than a year, Affordable Care Act (ACA) experts from TriNet have been traveling to cities across the country to bring vital information on the ACA to the businesses that need it. Dozens of business owners and managers attend these wildly popular two-hour events, which take place either over complimentary lunch or refreshments in every major market where TriNet operates. But what are these ACA Over Lunch and ACA Over Drinks events and why are they so important to business success?
Most Applicable Large Employers (ALEs) didn’t anticipate the extent of the challenges they would face while completing the ACA Section 6056 Forms 1094-C and 1095-C for the first time this year. So what can you do to avoid 6056 headaches and frustration next year?
It’s election season in America and, although it may seem like campaigning has been going on for a very long time, November 8 is rapidly approaching. Since the Affordable Care Act affects all employers, TriNet is taking a look at the two major party candidates to get their take on ACA.
The U.S. Department of Health and Human Services has already started sending subsidy notices to employers’ mailboxes. Now is a good time to ask yourself some simple questions to determine whether your company owes a penalty.
Individuals in California who buy health insurance through Covered California will see an average increase of 13.2 percent added to their premiums in 2017. While this number reflects the average increase in premiums throughout the state as a whole, some counties in California will see premiums increase on average as much as 28.6 percent.
One provision of the Affordable Care Act (ACA) is Employer Shared Responsibility, also known as “pay or play” penalties. Under this provision, if an applicable large employer (ALE) does not offer affordable health coverage providing minimum benefits to full-time employees and their dependents, the employer could be subject to a penalty. This penalty helps to offset the cost of the premium tax credit or any subsidies that employees who have coverage through the health insurance marketplace may have received.
With all the rules and potential penalties within the Affordable Care Act (ACA), it may be tempting to make some changes to business structure to avoid headaches or increased cost. Be aware that doing so may have greater consequences than intended. Keep reading for an example of a company’s attempts to navigate the regulations on their own.
One of the more important Affordable Care Act (ACA) rules is scheduled to take effect on January 1, 2020: the excise tax on high-cost employer-sponsored health coverage, also known as the “Cadillac tax.”
What is the Cadillac tax?
Beginning in 2020, the ACA will impose a 40 percent excise tax on the cost of health plan coverage that is more than these pre-determined annual limits:
Six years ago, the Affordable Care Act (ACA) transformed healthcare and became part of the business landscape for every employer. Since then, we have seen significant changes in regulations, penalties and deadlines affecting employers of all sizes. Here are some of the aspects of the ACA to keep top of mind this year.
In February 2015, the IRS issued final forms and instructions related to the Affordable Care Act (ACA). Back in December, 2015, the IRS issued a deadline extension for the new ACA reporting requirements. For tax year 2015, employers and insurance carriers are required to report medical coverage data under Internal Revenue Code sections 6056 and 6055.
Below is what you need to know to decide what you need to report and what form to use. The chart above is a handy reminder of the deadlines to file this paperwork.
Start by figuring out if your company is considered an applicable large employer (ALE)
An ALE is a company that employed 50 or more full-time employees, including full-time equivalent employees (FTEs), on average during the previous calendar year. Generally, a full-time employee is someone who works 30 or more hours a week, on average. Internal Revenue Code section 6056 applies to companies that meet the definition of an ALE, including companies that did not offer group medical coverage in 2015.
This post is part of the TriNet ongoing series about the Affordable Care Act and its effects on small business.
Midsize companies can start 2016 with some welcome news from the government! The IRS announced on December 28 that Applicable Large Employers (ALEs) subject to the Affordable Care Act (ACA) 2015 Section 6056 reporting requirements have extended deadlines to file their required forms with the IRS.
To start, review our post on ACA for midsize employers to determine if your business is considered an ALE for ACA-reporting purposes.
Here is a breakdown of forms ALEs are required to file and their new deadlines: