The Affordable Care Act contains complex regulations and ever-changing updates. As your CPA, we are responsible to stay on top of these changes in order to best serve you. The Journal of Accountancy compiled a list of the top 10 things CPAs should know about the Affordable Care Act. It’s a good read for us…and for you.
Eide Bailly has taken a lead role in understanding the Affordable Care Act. We are helping clients understand the Act and the options they have to comply. We are also helping clients with the reporting and filing requirements. Please contact your Eide Bailly service provider for additional information or questions.
We’ve often reiterated that a business is considered a Large Employer when it crosses the threshold of 50 full-time and full-time-equivalent (FTE) employees. A large employer is liable to the Sec.4980H assessable payment if it fails to provide the minimum essential health coverage to employees. It is imperative that these employers track their full time and FTE employees’ hours in order to assure they are in compliance, as well as to see if they qualify for an exemption. An article in the Journal of Accountancy provides a detailed discussion. You can also visit our website to learn more.
The regulations regarding the Code Sec. 45R small business health care credit were finalized this week. This tax credit is available to those small employers who provide their employees with health insurance. These regulations are effective for 2014 as of June 30, but employers can choose to apply the provisions in the proposed regulations under a transition rule. Visit our website to learn more and to reach out to a Health Care Reform specialist.
Religious freedom has recently been discussed in Health Care Reform news, as the Supreme Court ruled against the original resolution that all companies must provide coverage for their employees’ access to contraceptives. On a 5-4 decision, The Supreme Court determined that some closely-held businesses who outlined clear religious beliefs would not be required to provide coverage for certain forms of birth control. What does this ruling entail, and how will this impact future laws? CNN reports.