Affordable Care Act: Small Business Considerations

By now, most businesses have been affected in some way by the ACA. However, it is not always clear to small business owners what they need to do to stay ahead of this legislation and all its changes. There are many ACA rules that are making a large impact on small businesses. Shannon Breuer, Partner and Health Care Reform professional at Eide Bailly, discusses these impacts in an article on our Possibilities blog. Read the article here to learn more.

Upcoming Webinars: ACA Update and Compliance Considerations

The Affordable Care Act has created complexity and an administrative burden for many businesses. The deadline for 2016 form completion is January 31, 2017. Are you prepared to comply?

Please join us for an informational/educational webinar for updated information related to the ACA, and to learn how Eide Bailly can help. The cost is $50 per registrant, and there are four opportunities to attend:

October 24 | 3-4 p.m.

October 25 | 11 a.m.-Noon

October 26 | 2-3 p.m.

October 27 | 3-4 p.m. 

In this webinar, we will…

  • Review the Affordable Care Act and current updates
  • Discuss the importance of identifying and documenting measurement periods
  • Understand current reporting requirements including IRC Section 6055 and 6056
  • Review necessary information and form deadlines

Affordable Care Act Update and Compliance Requirements

There are many things that businesses need to consider regarding the Affordable Care Act, and it can be difficult to keep up with all of the due dates and requirements. Our recent article provides information on a variety of pertinent topics, including:

  • Critical ACA Compliance Test
  • Employment Status Change
  • Transitional Relief
  • Form Information
  • Full-Time or Part-Time Status
  • Signed Waivers
  • Advanced Premium Tax Credit (APTC) Notices Issued
  • 2016 Filing Deadline
  • ACA Form Assistance

Click here to read the article and learn more.

For additional information, contact your Eide Bailly professional, or visit our Health Care Reform website.

Controlled Group Coverage Q & A

Which employer should offer coverage when you have a shared employee among an Applicable Large Employer (ALE) member/controlled group?

A couple facts: (1) The employee worked hours for two separate companies which were part of a controlled group. (2) The individual’s hours when considered between both companies, made him eligible for an offer of insurance.

Response: The rules state that he is the employee of whichever company he worked more hours for each month.  If he worked the same amount of FT hours for each company each month than the companies need to determine which one will consider him a FT employee.  If they cannot make that determination the IRS will.  He will not be listed on the other company’s 1095-C.  Keep in mind if he worked FT for one company for the first two months and then FT for the other company for the next ten months, he would receive two 1095-C’s.

Form 1095-C for Employees

New for 2015, large employers are required to give employees who are deemed full-time under the Affordable Care Act (ACA), more commonly known as Obamacare, a Form 1095-C. This form will let employees and the IRS know what type of insurance coverage, if any, was offered to employees.  Employees should provide this document to their individual tax preparer when filing their individual tax return.  For more information about this form please visit the IRS website.