Affordable Care Act: What Employers with Fewer than 50 Employees Need to Know | Business
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Affordable Care Act: What Employers with Fewer than 50 Employees Need to Know
As an employer, the number of employees you have during the last calendar year determines which parts of the health care law apply to your organization. If you are an employer with fewer than 50 full-time employees, including full-time equivalent employees, here are three things to know about how the health care law affects you.
Information Reporting
· If you offer employer-sponsored self-insured health coverage to your employees, you will use Form 1095-B, Health Coverage Information Return to report information to covered individuals about each person enrolled in coverage. The deadline for filing this form with the IRS is February 28, 2017, or March 31, 2017 if filing electronically. The deadline for furnishing this form to the covered individual is March 2, 2017, which is a 30-day extension from the original due date of January 31.
Tax Credit
· You may be eligible for the small business health care tax credit if you meet all of the following conditions. You:
· cover at least 50 percent of employees’ premium costs
· have fewer than 25 full-time equivalent employees
· pay average annual wages per full-time equivalent employee of less than $52,000 in tax year 2016
· purchase coverage through the SHOP Marketplace
Shared Responsibility Payment
If you employ fewer than 50 full-time employees, including full-time equivalent employees, you are not subject to the employer shared responsibility provisions.
This information is not intended to be a substitute for specific, individualized tax advice as individual situations will vary. Royal Alliance Associates, Inc., Georgetown Capital and its advisors are not engaged in rendering tax advice.
These links are provided as a convenience and for informational purposes only. We assume no liability for any inaccuracies, errors or omissions in or from any data or other information provided on the pages, or for any actions taken in reliance on any such data or information.
Prepared by the IRS. For more information go to www.irs.gov.
Securities and investment advisory services may not be available in all states.
Representatives offer Securities and Advisory Services through Royal Alliance Associates, Inc., member FINRA/SIPC and a registered investment advisor.
Insurance services offered through Georgetown Capital Group, which is independent of Royal Alliance Associates, Inc. with separate ownership, and is not registered as a broker-dealer or investment advisor.
Joseph V. Curatolo, President of Georgetown Capital Group
5350 Main Street, Williamsville, NY 14221
Phone #(716) 633-9800 Toll Free 1 (800) 648-8091 Fax #(716) 633-9789
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