Fwd: Important changes to the Affordable Care Act

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 Intuit
 

Affordable Care Act Update

health insurance costs

New Deadlines
—and what they mean
for your small business

You may have heard some rumblings in the news lately about new Affordable Care Act deadlines and changes to mandatory employer requirements. But what does it all mean to you?

Here's what you need to know:

employee

If you have 1 to 49 full-time-equivalent employees, nothing's changed. You are still not required to provide health insurance for your employees—though a new program makes it easy (and affordable) to offer individual health insurance coverage on an employee-by-employee basis.

employee

If you have 50 to 99 full-time-equivalent employees, it's still mandatory to offer health insurance to your employees under the Affordable Care Act, but with the new revision, you get another year—until 2016—to comply.

employee

If you have more than 100 full-time-equivalent employees, you need to offer affordable insurance to 70% of your full-time workforce now—phasing in to 95% starting in 2015.

So, if you employ fewer than 50 people, nothing really changes. If you have more than 50 but fewer than 100 employees, you get another year to comply. However, even the smallest businesses often help employees afford better health insurance—even though it's not required.

To learn more about how the new changes in the Affordable Care Act may affect your taxes, visit this IRS site.

To find out how to help your employees meet the new requirement to carry insurance so they can avoid paying a tax, learn more here.

To your (and your employees') health,

Renard Ihlenfeld
Intuit Health Care team

Have more questions? We're here to help at intuithealthbenefits@intuit.com.

 
 


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About parrottcpa

Parrott & Associates, Certified Public Accountants Specializing In Business & Individual Taxes, Accounting & Payroll Located in Cumming, Georgia http://parrottcpa.com/
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