Tampa Large Employer? Your compliance is requested by the Affordable Care Act (ACA).
- Scott Holcomb
- Mar 2, 2015
- 2 min read
At Accurate Insurance Solutions this week on our blog we take a crack at understanding the Affordable Care Act requirements for large employers.
Tampa? Does your business qualify as an applicable large employer under the Affordable Care Act? Don't know, then you better read up before you run afoul of the new reporting laws related to the required health insurance program (aka Obamacare).
If your business qualifies as an applicable large employer, you will need to perform regular record keeping related to health care coverage for the tax year of 2015 and report this to the Internal Revenue Service in 2016.
You will also need to provide the appropriate tax paperwork to your employees so it is important that you determine your requirements now since you may already be several months behind.
You will need to:
Determine if your company is an applicable large employer
Determine the kind of health insurance coverage you offered to full time employees and their dependents.
Identity who your full-time employees are for each month and track health coverage information in 2015 to complete the new IRS forms. (1095-C)
Generally, an applicable large employer is a business that employs at least 50 full time employees or the equivalent mixture of full and part time employees.
To determine whether your business qualifies, you will need to count your number of employees and equivalent employees for the year. For tax year 2015, you will need to use your 2014 numbers to determine whether you qualify and need to record and track health care information for 2015.
If you own two or more small businesses with less than 50 full time employees, you may still qualify as an applicable large employer under the aggregated group provision that requires commonly owned or affiliated employers to combine employees to determine employee numbers. If you have seasonal employees, you will need to make a special determination.
If you qualify as an applicable large employer then depending on the health care coverage you make available to your employees you may owe an employer shared responsibility payment to the IRS.
The payment will apply if you do not provide the Affordable Care Act's statutory minimum amount of affordable health care. You need to provide that coverage to virtually all of your full time employees and their dependents.
Accurate Insurance Solutions is a full service, independent advisory firm helping businesses in Tampa, Orlando, Fort Myers, and Wesley Chapel with all of their insurance solutions.
Our goal is to build strong relationships with clients by providing exceptional customer service and recommendations that are objective and independent.
We are uniquely qualified to help our clients navigate the new regulatory environment created by the Affordable Care Act ("ACA"). Our clients have come to rely on our knowledge and experience with the ACA, and our recommendations to avoid punitive penalties associated with the law.
For more information, refer to the IRS webpage: http://www.irs.gov/Affordable-Care-Act/Employers/Questions-and-Answers-on-Employer-Shared-Responsibility-Provisions-Under-the-Affordable-Care-Act
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