US employers have been sorting through the regulations of the Affordable Care Act for months now, determining which parts of the law apply to them, when certain requirements are due, and how to manage the costs. And while the information reporting requirements and the Employer Shared Responsibility provisions have been delayed until 2015, the
Experts across the country tell us that employers need to use 2014 as the test year for compliance. This is the opportunity to outline your strategy and implement compliance. The liabilities are significant. Employers are likely to be subject to tax liabilities when employees go to the Marketplace and receive a subsidy. It will be the responsibility of the employer to prove whether or not the liabilities apply them. With careful strategic planning and record keeping, employers can be ready to respond when these notices arrive or even an associated IRS or Department of Labor audit.
Unfortunately, most current payroll systems or internal spreadsheets really do not meet the comprehensive requirements of the ACA. As the regulations are further hashed out, evolving requirements will compound this problem. However, there is a solution that can be used with existing payroll systems to address the requirements and plan for the future. The
What’s your plan?
Attend a free webinar on the ACA Dashboard on January 21, 2014 2:00 PM CST.
By AIM Technologies,