Affordable Care Act (ACA)
The regulations surrounding the Affordable Care Act (ACA) are complex and multi-faceted, and businesses that fail to comply with ACA face costly fines and consequences.
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The intent of the ACA is to make healthcare coverage more accessible and affordable to more Americans. To accomplish this goal, the government places specific regulations on any employer over a certain size threshold, requiring these large employers (50 FTEs or more) to offer healthcare and keep meticulous records to demonstrate their compliance in the form of annual filings with the IRS. For small to mid-size business owners, these requirements can be daunting, that's why L2 offers ACA filing services to support our payroll clients with ACA compliance reporting.
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Did you know:
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The employer mandate for the Affordable Care Act signed in 2010 is still in effect
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Employers are held responsible for all aspects of ACA compliance, not their broker
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Full time employee equivalents are not always the same as full-time employees
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Some states have their own ACA regulations and filing deadlines
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The IRS recently eliminated the “good faith” clause, which offered some grace to those who filed incorrectly
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Penalties for non-compliance are often assessed per employee and can quickly add up to tens of thousands of dollars or more
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