ACA Employer Refresher

Most laws are pretty much set in stone once they pass. The ACA? Au contraire.

So, here's a mid-year refresher on the latest IRS employer requirements:

Fewer than 50 Employees

• Information Reporting - Any self-insured employers, regardless of size, are required to file information returns with the IRS about individuals they cover as well as provide a statement to employees about their provided coverage. If coverage is provided through an insurance policy, then the issuer files the return and provides the statement.
  
• Payments - Not required. Employers with fewer than 50 full-time employees are not subject to the employer shared responsibility provision.
  
• SHOP Eligibility - You can purchase health insurance through the Small Business Health Options Program Marketplace (SHOP).
  
• Credits - You may be eligible for a small business health care tax credit if you meet the following requirements:
  

          1) You cover at least 50 percent of employees'
          premium costs.
          2) You have fewer than 25 full-time employees
          (FTEs), with average annual wages of less than
          $52,000 in tax years 2015 and 2016.
          3) You purchase coverage through the Small
          Business Health Options Program Marketplace
          (SHOP).

50 or More Employees - Applicable Large Employer

• Information Reporting - You must file information returns with the IRS regarding the coverage you offer and provide your employees with a statement regarding the health coverage offered. If you provide self-insured coverage, you also need to include information about covered individuals on the information return.
  
• Payments - You are subject to the employer shared responsibility provisions. Transition relief is available for certain employers for 2015 and 2016. In general, you are subject to a payment if you do not offer affordable coverage that provides minimum value to your full-time employees and their dependents and at least one full-time employee gets a premium tax credit.
  
• 2016 SHOP Eligibility - Some states may make the SHOP Marketplace available to businesses with up to 100 employees. See the Small Business Health Options Program Marketplace page for more information.
  

Source: IRS, (2016), retrieved on 7-30-16 from: https://www.irs.gov/affordable-care-act/employers/employers-here-s-a-mid-year-affordable-care-act-refresher