ACA 2016 Employer Mandate: The Compliance Crunch is Here
The Affordable Care Act reporting requirements and potential excise tax penalties remain challenging for employers. As of January 1, 2016, the law applies to even more employers and an even higher percentage of employees.
The ACA’s excise tax includes daunting requirements for determining whether an employee is full-time. Under the ACA, if employers do not offer coverage to 95% of full time employees, they have to pay a $2,160 federal excise tax for every full-time employee not offered coverage under appropriate health insurance.
Who is a full-time employee? This is no longer an obvious classification. Certain contingent workers could now be considered full time common law employees, and companies must evaluate their number of employees by a specific measurement methodology.
If the 95% thresholds are not met, if even a single employee obtains coverage on an ACA-mandated insurance exchange with a tax subsidy, the $2,160 excise tax is levied not just for that single employee, but on every employee in the enterprise, whether they were offered coverage or not.
This program will cover the following steps employers need to undertake to be prepared for the new 2016 requirements:
• Documentation of financial statement position under ASC 450 regarding excise tax accrual
• Analysis of contingent workforce
• Evaluation of internal controls
• Evaluation of data integrity within systems
Speakers:
The ACA’s excise tax includes daunting requirements for determining whether an employee is full-time. Under the ACA, if employers do not offer coverage to 95% of full time employees, they have to pay a $2,160 federal excise tax for every full-time employee not offered coverage under appropriate health insurance.
Who is a full-time employee? This is no longer an obvious classification. Certain contingent workers could now be considered full time common law employees, and companies must evaluate their number of employees by a specific measurement methodology.
If the 95% thresholds are not met, if even a single employee obtains coverage on an ACA-mandated insurance exchange with a tax subsidy, the $2,160 excise tax is levied not just for that single employee, but on every employee in the enterprise, whether they were offered coverage or not.
This program will cover the following steps employers need to undertake to be prepared for the new 2016 requirements:
• Documentation of financial statement position under ASC 450 regarding excise tax accrual
• Analysis of contingent workforce
• Evaluation of internal controls
• Evaluation of data integrity within systems
Speakers:
Ms. Juliette Meunier advises companies in all industries on the employer implications of the Affordable Care Act. With Ernst & Young since 2000, she helps companies to understand the law’s impact from a financial perspective, and assists with operational, strategic, and compliance issues associated with the new legislation.
FREE!
Mr. Ali Master, Partner and National Director of Ernst & Young LLP's ACA Services, manages a team of approximately 200 professionals responsible for providing a comprehensive suite of ACA tax services to clients spanning ACA Readiness Assessments, Cost Modeling, Employer Mandate Compliance, Marketplace Exchange Support, and IRS Information Reporting Services.
Mr. James Pheifer is a principal in Ernst & Young LLP's Human Capital practice.He has over 17 years of broad-based human resources consulting experience, including HR risk management, HR strategy and design, and HR process improvement.
Mr. James Pheifer is a principal in Ernst & Young LLP's Human Capital practice.He has over 17 years of broad-based human resources consulting experience, including HR risk management, HR strategy and design, and HR process improvement.
Total Credits: 1.50 units
Online
On Demand - Approximately 90 minutes
For further information see:
http://www.bna.com/aca-2016-employer-m57982067093/
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