IRS Resources To Help Employers Stay In Compliance With ACA Health Care Law Tax Provisions

ACA health care law is important when it comes to staying in compliance with IRS tax provisions. As an employee benefits and insurance agency in Pasadena, Pontrelli, Timour & Associates focuses on providing our clients and potential clients with essential information about the latest health care law tax provisions. With the Internal Revenue Service in charge of enforcing the Affordable Care Act, such information helps business owners stay in compliance with ACA health care law and avoid unnecessary pitfalls. Although the IRS enforcesACA health care law compliance, they also provide excellent resources to understand health care law tax provisions.

ACA health care law

ACA Health Care Law Compliance

For example, the IRS provides easy access to recorded webinars from IRS about the Affordable Care Act’s employer provisions and related tax requirements. Such webinars are well-designed essential information for employers. If you are a business owner or a tax manager for a company, these videos can be reviewed anytime to better understand how the health care law may affect your organization. The goal is help a business stay in compliance with ACA health care law.

ACA Health Care Law Tax Provisions

Each of the following ACA videos on the IRS Video Portal provides about 40 minutes of detailed information on the specific tax provision mentioned in the title. For example, two of the most effective videos that are worth the effort and time to watch are as follows:

  1. Employer Shared Responsibility Provision

This video helps a company determine their applicable large employer status, payments, and transition relief for 2015. Applicable large employers (ALEs) face the biggest hurdles.

  1. Employer-Sponsored Health Coverage Information Reporting Requirements for Applicable Large Employers

This video provides access to employer-sponsored health coverage information reporting requirements for ALEs, including who is required to report, what information you are required to report, and how to complete the needed forms.

All of the Internal Revenue Service recorded webinars about ACA updates and healthcare provisions can be found in the IRS Video Portal using the following tabs: Businesses and Non-Profits. After clicking on one of these tabs, a business owner only needs to select “Affordable Care Act” from the list of topics on the left side of the screen. Once selected, a list of recordings about the above provisions and other ACA topics will appear.

Pontrelli, Timour & Associates understands if the webinars can seem long and overwhelming. Even when done well, the healthcare information provided remains complex for the non-professional. As an experienced insurance agency, we understand the importance of improving your group benefits offerings while saving money and staying in compliance. Our customer-centric solutions and client services are the cornerstone of your business.

From years of experience, PT Benefits has learned that a happy employee is a productive employee. To access the help your company needs to ensure ACA health care law compliance and future success, please call 626-795-4138 and talk to one of our trained professionals.

100 Plus Employers Need To Be On Alert As IRS Releases Report About Responsibilities Of Employers Under ACA

When the IRS releases a report about the responsibilities of employers under the Affordable Care Act, Pontrelli, Timour & Associates feels the need to raise a red flag.  As a group benefits leader providing Southern California companies with healthcare solutions, PT Benefits wants employers to know that the end of 2014 signals a time to take action. If you are an employer, the number of employees in your business will affect what you need to know about the Affordable Care Act (ACA).

IRS Warns Companies With 100 Plus Employees

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100 Plus Employers

If you have at 100 full-time and full-time equivalent employees, providing affordable healthcare for your employees is no longer a choice. In the report, the IRS warns that the employer shared responsibility payment will be significant. This payment will happen, even if only one of your employees applies for and receives a subsidy or premium tax credit through a marketplace enrollment.

Moreover, starting in 2016, your company must report to the IRS information about the health care coverage, if any, you offered to your full-time employees for calendar year 2015. You also must furnish related statements to their full-time employees. As a direct result, such reports need to be developed and executed in 2015. As a full-services benefits solutions provider, Pontrelli, Timour & Associates will help advise our clients with resources to comply with these reporting requirements.

100 Plus Employers Employer Shared Responsibility

Although the IRS will not assess employer shared responsibility payments in 2014, this does not mean that you can sit on your hands and ignore the needs of your company. It is true that information reporting related to the employer shared responsibility provisions is voluntary in 2014. After 2014, employer shared responsibility payments will be assessed to companies with 100 plus employees and reporting will be required.

In addition, the employer shared responsibility provisions will be phased in for smaller ALEs from 2015 to 2016.  An ALE is an acronym that stands for Applicable Large Employer, meaning an employer that has 50 or more full time equivalent employees. As a result, although the immediate pressure is on 100 plus companies, 50 plus companies will be squeezed by the IRS as well.

ALEs Of All Sizes Are Ultimately Vulnerable

Specifically, ALEs that meet certain conditions regarding maintenance of workforce size and coverage in 2014 are not subject to the employer shared responsibility provision for 2015.  For 50 plus employers, no employer shared responsibility payment will apply in 2015.  50 plus employers are required to meet the information reporting requirements for 2015.  Despite this breather for 50 plus companies, the IRS wants to make it clear that such employers will be put under the microscope and fined in the future.

The reason Pontrelli, Timour & Associates is waving a red flag and raising the alarm is because too many ALEs and 100 plus employee companies have been avoiding dealing with the Affordable Care Act. What these companies need to realize is that the IRS is in charge of enforcing many of the statutes of the Affordable Care Act. The last thing you want is to place your company under an IRS microscope. If you can avoid dealing with the Internal Revenue Service, this is a good path to take, but you need to take action now.

Pontrelli, Timour & Associates Can Help

For information about and help with the Affordable Care Act and the employer responsibilities outlined by the IRS, please contact Pontrelli, Timour & Associates today. Our goal is to help our clients offer a robust employee benefits program that employees value, while respecting the organization’s budget, and keeping them in compliance.  To learn more about how we can help 100 plus employers and other ALEs, please call Pontrelli, Timour & Associates in Pasadena at 626-795-4138.