7/2/13 - THE OBAMA ADMINISTRATION HAS ANNOUNCED TODAY THAT THE REQUIREMENT WITHIN THE AFFORDABLE CARE ACT FOR BUSINESSES WITH 50 OR MORE EMPLOYEES TO PROVIDE HEALTH INSURANCE WILL BE DELAYED UNTIL JANUARY 1, 2015. THE ADMINISTRATION CITED "CONCERNS ABOUT THE COMPLEXITIES OF THE REQUIREMENTS AND THE NEED FOR MORE TIME TO IMPLEMENT THEM EFFECTIVELY." THESE COMPANIES WILL NOT BE PENALIZED FOR NOT PROVIDING HEALTH INSURANCE THROUGHOUT 2014.
Health care reform has finally arrived via the 2010 Patient Protection and Affordable Care Act (ACA). As many of the bill’s major provisions begin taking effect in 2014, if you own a business it is likely that you will be impacted in some way.
To that end, we have developed for you the ACA Business Impact-Quick Reference Chart. This easy-to-read chart will help you understand what your business must do to comply with ACA and contrast those requirements to the corresponding noncompliance penalties, which can be substantial! All of this information comes without the painstakingly in-depth and time-consuming reading that ACA has previously demanded of you. No matter what size business you own, this chart will help you understand the changes that are coming.
Feel free to share this chart with any other entrepreneurs and business owners that you know. They will surely thank you for it!
If you have any questions about ACA and the impact it may have on your business, don’t hesitate to click “Ask a Tax Warrior” below and type us your question or call one of Drucker & Scaccetti'shighly skilled tax and business advisors at (215) 665-3960 for our Philadelphia office or (267) 765-0205 for our Scranton office. We are always prepared to help you with this or any other tax or business-related matter.