The IRS released fact sheets 2014-09 discussing the Affordable Care Act (ACA) as it pertains to individuals, and 2014-10 discussing the ACA as it pertains to employers. These fact sheets provide a helpful overview in gaining a broad understanding of essence of the ACA.
In short, all individuals, with very limited exceptions, must have insurance meeting minimum standards, and all employers with 50 or more full-time employees must offer affordable insurance. Businesses with part-time employees should be especially cautious to compute the number of full-time equivalent employees, which could very well push the business over the compliance threshold.
Due to the complexity of the ACA, professional guidance should be sought. One misstep can result in significant penalties. For further information or to discuss your specific situation, please contact your Aronson tax advisor at 301.231.6200.