Construction contractors that are overwhelmed with the tax provisions associated with the Affordable Care Act now have some online help. The Internal Revenue Service recently established a webpage specifically designed to answer questions and provide preliminary guidance:
If you should have any questions regarding above, please contact Mark Flanagan of Aronson’s Employee Benefit Plan Services Group at 301.231.6257.
The Obama Administration has announced the delay of the employer mandate/pay-or-play provisions under the Patient Protection and Affordable Care Act (ACA) until January 1, 2015. Previously, employers with 50 or more full time equivalent employees were required to offer affordable health insurance to employees working more than thirty hours a week by January 1 or pay a “penalty” to the IRS. A $2,000/per employee penalty results when an employee receives a premium subsidy when purchasing coverage on one of the health insurance exchanges.
Presumably, the goal of the delay is to allow the federal government to simplify the various reporting requirements associated with the employer mandate and allow employers to better understand and prepare for its impact. Unfortunately, procrastination seems to be the norm when employers are faced with difficult decisions, and only time will tell if employers use this additional time wisely.
It is important to note that
The passage of the Patient Protection and Affordable Care Act, commonly known as Obamacare or Health Care Reform, has created many questions for employers throughout the construction industry.
Join Aronson LLC and Independent Benefit Services on May 8, 2013 for an informative presentation on the various provisions of healthcare reform that will have a profound impact on how healthcare is delivered and funded in the United States. Our experts will cover the major changes for 2013 and 2014, including new W2 reporting requirements, the Summary of Benefits and Coverage, The Employer Mandate, The Individual Mandate, and The Exchange.
On November 20, 2012, Affordable Care Act guidance was issued in the form of over 300 pages of proposed regulations. The guidance is broken into three parts: 1) requirements for essential health benefits, actuarial value, and other exchange related requirements; 2) various market reform initiatives; and 3) regulations related to employee wellness programs.
At this time, the proposed regulations related to the exchange requirements, as well as the market reform initiatives, will be more meaningful to industry practitioners. The proposed regulations related to wellness programs will be of greatest interest to employers.
In general, as of January 1, 2014, health plans will not be able to underwrite based on health status. Wellness programs have been granted a limited exemption. The maximum allowable reward under a wellness program as part of a group health plan has increased from twenty to
Pennsylvania has enacted a new job creation law allowing qualified companies to retain 95% of the withholding taxes for the individuals employed in the newly created jobs. The Promoting Employment Across Pennsylvania Act (L. 2012, H2626, effective 10/26/2012), which was signed into law by Governor Tom Corbett on October 26, 2012, offers the 95% retention incentive to for-profit corporations, partnerships, and other entities that create 250 new jobs in a five-year period (with 100 of those jobs required to be created in the first two years). The employer must also offer health insurance coverage to