Category Archives: Affordable Care Act

4 Things You Need To Know About ACA in 2015

The end of the year is quickly approaching and bringing with it the end of the Affordable Care Act’s grace period for businesses. The Affordable Care Act or Obamacare will be implemented for businesses in stages over the course of the next two years based on the size of the business.

1) Businesses with 100 or more Employees

After the beginning of 2015, businesses that have 100 or more employees will be required by law to offer health insurance to at least 70% of their employees. In 2016, businesses must cover 95% percent of their workforce.

2) Medium Sized Companies

According to the Affordable Care Act, companies with 50 to 99 full-time employees must offer insurance in 2016 to 95% of their employees.

3) Smaller Businesses

Smaller companies with under 50 employees are exempt from coverage requirements.

4) Penalties for non-compliance 

The company will be fined $2,000 dollars for each employee after the first 80 employees for the first year. For the second year in 2016, the company will be fined $2,000 dollars for each employee after the first 30 employees.

Comprehensive Accounting Services has been servicing the Metro Detroit for over 38 years providing tax assistance to businesses.

Affordable Care Act Deadline To Notify Your Employees: October 1st 2013

Affordable-Care-Act1

Also called Obamacare, the Affordable Care is in effect and will have a different impact on employers and individuals. It is extremely important for employers to be aware of what their choices are and what they need to do legally. As an employer you should ask yourself;

  1.  Should I offer healthcare coverage?
  2. How much can I afford to Spend?
  3. What strategy will I choose?
  4. Will the law change before I have to take action?

The employer mandate has been delayed until 2015, but the individual mandate is still in full effect for January 1st, 2014. Employers must still deliver notices to their employees by October 1st, 2013, you can find forms outlined for you by the government to give your employees, there are two forms for companies that Will offer a health plan and Will NOT offer a health plan.

This notice cannot be e-mail or delivered electronically. It is highly suggested you have your employees sign saying they received the notice and if sent through mail, send with signature required, due to facing fines if an employee is not informed and/or not being honest about being notified. Comprehensive Accounting is here to help you with these notices for your employees or you as an individual, please Contact Us so we can guide you in the right direction.