ACA Changes to Tax Reporting in 2016 and Beyond.
This complex legislation requires employers to track employee hours monthly, offer health care coverage in accordance to minimum standards and beyond for full time employees, and accurately report compliance in order to avoid costly penalties.
So far, the focus has been on what constitutes an Applicable Large Employer and the Employer Share Responsibility requirements or “Pay or Play” tax. There’s a wealth of information available for those who face workplace policy changes with these new requirements. What’s lesser known is, even small employers are required to report what coverage they offer their full time employees in order to meet the minimum coverage standards designated by the ACA.
To help employers with this transition, OmegaComp HR has positioned itself to get out in front of these changes before they go into affect to assist our clients with the transition. The Affordable Care Act is not just a tax reporting requirement, it’s also a Human Resources compliance mandate and carries stiff penalties for employers who fail to comply.