Is Your Company Ready?
- The Affordable Care Act requires an accumulation of significant monthly information to report health care coverage provided to full-time employees for those employers with either of the following:
- 50 or more full-time equivalent (FTEs) employees –determination is based on specific hours criteria
- Companies whose health insurance coverage is through a self-insured plan (regardless of # of FTEs)
- This monthly information will need to be reported on various annual information tax returns (new Forms 1095-C) required to be distributed to each full-time employee in January 2016 (for 2015) and are required to be filed with the government by the end of February 2016.
- Consult with your health insurance carrier to understand your responsibilities as an employer.
- Consider reviewing the government website related to this at https://business.usa.gov/healthcare.
- We strongly encourage you to START NOW accumulating this significant information about your employees’ coverage (and about their dependents if self-insured plan) that will be needed soon for these new reporting requirements.
- Feel free to contact your accountant/advisor at PKS for assistance if you have further questions.
Susan P. Keen, CPA, is a Partner at PKS & Co., P.A., Certified Public Accountants, with offices in Salisbury, Ocean City and Lewes, providing audit, accounting, tax, retirement plan administration and personal and business financial planning services. Visit www.pkscpa.com or call 1-800-274-2564.