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ADDITIONAL PROVISIONS OF THE AFFORDABLE CARE ACT ARE BEING PHASED IN – WHAT EMPLOYERS NEED TO KNOW

Reblog day! Here is a great update on provisions of the Affordable Care Act that are going to be in effect soon. This is from the tax/accounting perspective for your small business.

akroncpa

The changes brought to the health care regulatory environment by the 2010 passage of the Patient Protection and Affordable Care Act are the most fundamental since the creation and implementation of Medicare and Medicaid in the 1960’s. As such, all parties involved in the delivery of health care services in the U.S. – patients, providers, insurers, and employers – have new rights and responsibilities. The most significant provisions affecting employers which have already begun the phase-in process or which will be implemented beginning January 1, 2015 include:

  • Applicable large employers must offer minimum essential health insurance to full-time employees or face a substantial penalty beginning January 1, 2015
  • Certain employers are required to implement automatic enrollment procedures for new employees
  • Forms W-2 issued by employers must include information on the aggregate cost of applicable employer sponsored health coverage
  • A tax credit is available to small employers who purchase health insurance…

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