Employer Reporting Requirements

Many business owners who own multiple businesses do not realize that they have to look at their total number of employees in all businesses with common ownership as described in IRC 414 to determine if they are “Applicable Large Employers” (those employers with 50 or more full-time and full-time equivalent employees) and thus subject to the Affordable Care Act provision for large employers.  Find out about common ownership and the employer shared responsibility provision by clicking here.

Marketplace Information Reporting: Final Regulations Issued

Final regulations for information reporting have recently been released by the IRS, and are effective as of May 7, 2014. These regulations apply to tax years ending after December 31, 2013. Information needs to be reported to both the IRS and taxpayers. This reporting is required by the individual market of the health insurance marketplaces on enrollments in qualified health plans (IRC Sec. 36B(f)(3)) and is mandatory for assistance credits.

There have also been amended regulations released by the Department of Labor regarding COBRA coverage. Details on special enrollment periods and new options for affordable coverage can be found on the Department of Labor website: http://www.dol.gov/ebsa/cobra.html

Watch for additional information.