The Affordable Care Act (ACA) provided for individual and employer mandates to obtain or provide minimum essential health coverage. This is also known as the "shared responsibility" provisions. The ACA has also provided for shared responsibility payments (penalties) for failure of individuals to obtain coverage or for failure of certain employers to offer or provide affordable coverage. As a result, information returns regarding coverage of individuals must be furnished to them so they can determine premium subsidies or shared responsibility payments. The ACA also requires that certain employers report information concerning the cost of health care coverage provided to employees on Form W-2.
Employers may be subject to shared responsibility payments for failure to provide affordable minimum essential coverage to employees or for failure to report information correctly. Smaller employers may be eligible for tax credits or exemption from the filing requirements. The roll out has been rocky with a number of temporary extensions of filing and reporting requirements, imposition of penalty provisions and even extension of the filing deadlines for 2015 returns. 2016 should be a year of relative stability and because of that, an understanding of the rules and the consequences of noncompliance are essential for businesses, especially in reporting and in determining whether to offer coverage and the types of coverage to offer to employees.
Join this session by expert speaker Patrick A. Haggerty to understand the process of payroll reporting under Affordable Care Act (ACA). Understand all about the forms and know how to determine if your employer is an applicable large employer or a small employer. Know about special reporting requirements, beware of penalties and understand the role of insurance providers in the process.
Who Should Attend
Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at a... More info