Nichols ACA Offering
The Affordable Care Act (ACA) is complicated, and there are several reporting and filing requirements to comply with if you’re a large employer with 50 or more full-time equivalent employees (FTE). If your FTE count fluctuates above and below 50 FTEs, or you have seasonal or part-time employees, that adds additional complexity to monitoring and management. Understanding your options for health benefit offerings, fines for non-compliance, and reporting requirements, are essential under the new law. The professionals at The Nichols Accounting Group will help you manage the complexity of the ACA with our suite of services, including:
- Determining your “large employer” status under the rules of the ACA. Not sure if you’re a large employer? We’ll answer that.
- Providing ACA advisory service to understand the cost difference between offering benefits or paying the penalty, which is referred to as an “employer shared responsibility payment.”
- Tracking employee FTE count throughout the year to project the potential employer shared responsibility penalties.
- HR reporting management tools for tracking and compliance.
- Preparing and submitting the required information returns (1095-C and 1094-C) to maintain compliance, regardless of whether or not you offer a health benefit plan to employees as a large employer.
Contact us today to learn how we can help take the worry out of ACA compliance. You’ll know your options and have confidence in knowing that you’re covered.
If you’re a small employer, there are no reporting requirements, but be aware that Medical Employee Reimbursement Plans (MERPs) and other employer health insurance premium reimbursement arrangements do not comply with ACA regulations and will incur steep fines of $100 per day per employee as of June 30, 2015. Contact us now to discuss other tax planning options.