Hot off the press: the Obama administration DELAYED part of the Affordable Care Act (ACA) on July 2nd, 2013. The parts of the Affordable Care Act listed below will go into effect 2015 instead of 2014:
1.) Employers reporting certain information to the IRS (aka employer reporting requirements). Note: We don’t mean to be vague here, but this is as much as we know for now. We are waiting for the IRS to give details on what requirements this law includes.
2.) Large employers have to offer coverage to full-time workers or pay a penalty. Note: “Large employer” is defined as a business with 50 or more full-time or full-time equivalent employees.
3.) Large employers cannot offer coverage that is more than 9.5% of a worker’s pay for employee only coverage.
It’s very important to note that the delay notice changes the employer mandate part of the law ONLY. The individual mandate and other parts of the ACA law are unchanged (at least as of right now). The IRS is to release more details about the delay soon and of course we will share more information as soon as possible.
More questions? Contact us anytime!