Posts Tagged ‘obamacare penalties’

Secure Form 1095-C Help Now And Avoid Penalties

Monday, December 14th, 2015
Form 1095-C Preparation Service | Rea & Associates | Ohio CPA Firm

Finding out you are an Applicable Large Employer is a hard pill to swallow. Finding out you are an Applicable Large Employer after the IRS penalizes you for not filing Form 1095-C is even harder. It’s not too late to get help – yet. Read on to learn more.

If you haven’t made arrangements to complete your company’s Form 1095-C yet, you can’t afford to put it off any longer.

What is Form 1095-C?

Think of the 1095-C like a W-2, but for health insurance instead of wages. It’s a mandatory form applicable large employers (ALEs) must complete. There are non-filing penalties that start small but could lead to larger penalties, such as the pay or play penalty ($2,000 per employee, per year).

Read Also: Make BIG Changes Or Face BIG Fines

Most of the time, it’s pretty easy to tell if your company is an Applicable Large Employer – other times, it’s not as clear. For example, you might have only a few full time employees but lots of part time employees. Every hour a part time worker works counts toward your large employer status. So, if you aren’t quite sure whether your business is actually required to file Form 1095-C, you need to work with an ACA expert immediately.

What Happens If I Don’t File?

The 1095-C is the form that tells the IRS if the employer should be penalized or not, whether the employee should be penalized or not, and if the employee or members of the employee’s family is eligible for premium subsidies. If you don’t file the form, how do you think the IRS will answer these questions? “Yes,” “Yes,” and “No” would be a good guess.

Both the employer and the employees have to do something to avoid being penalized – employer has to offer coverage and employee has to have coverage. If you don’t file, it is likely to cause trouble to both the employer and the employees – and you’ll end up having to file the forms anyway, in addition to the employer paying the late penalties and everyone having to deal with cleaning up all the notices from the IRS.

Am I Too Late?

Unfortunately, business owners nationwide are having problems finding a service provider who can help them locate the information needed to complete the form. Some payroll providers will offer their assistance, but they will likely require you to buy more services than you want or need to do it. Fortunately, you do have another option – Rea & Associates.

Ours is one of only a few firms offering stand-alone 1095-C service. Not only will our experts generate the 1095-C Forms you need, they will help you retrieve the data you already track and have access to or that you would have to retrieve from your service provider anyway.

But time is still of the essence. Don’t wait! Learn more about our Form 1095-C Preparation Services and then call me at 614.923.6577 to talk about your specific needs.

By Joe Popp, JD, LLM (Dublin office)

Want to learn more about your responsibility under the Affordable Care Act? Check out these articles:

The Cost Of Reimbursing Employees For Health Care

Obamacare: Discrimination Is Not An Option

What You Need To Know About Obamacare Employee Dumping

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How Do I Avoid Obamacare Penalties?

Wednesday, November 4th, 2015

The Affordable Care Act (ACA) has put a lot of stress on business owners over the last couple years, and 2016 will be no exception. However, if you look closely, you might be able to uncover areas of opportunity. Here are three points all business owners should know to avoid penalties:

Obamacare Penalties - Ohio CPA Firm

Learn more about ways to avoid Affordable Care Act penalties by listening to our podcast, “Unsuitable on Rea Radio.” Episode 5, “Don’t Get Burned By Obamacare.”

  1. Large employers (50+ full time employees) have to worry about large employer reporting and potential pay or play penalties (roughly $2,000 per employee annually).
  2. All employers need to avoid excise taxes for discrimination and violating the ACA’s “all or nothing” mandate. These are business busters – $100 per employee, per day for noncompliance – meaning you could owe the government as much as $36,500 per employee, per year! Excise taxes can be triggered by continuing to do things you’ve always done, such as offering reimbursement arrangements to your employees.
  3. Employers also have the opportunity to review their insurance options and compensation structure. SHOP, drop, roll (“traditional” insurance), self-insure, private exchange and models like reference-based pricing are all options to explore. Dropping insurance can often actually result in less expenses and improved benefits for the employers and employees alike. In some industries this can also be a deterrent to competing businesses that are trying to recruit your workforce.

Don’t wait any longer. Work with an ACA expert who can help you determine the best option for your business while helping you identify areas of opportunity and risk. To learn more, listen to our podcast, “Unsuitable on Rea Radio.” Episode 5, “Don’t Get Burned By Obamacare,” covers this topic in more detail. Check it out at www.reacpa.com/podcast.

This article was published in the November 6, 2015 issue of Columbus Business First – Ask The Expert.

By Joseph Popp, JD, LLM (Dublin office)

 

Want more articles about Obamacare? Check these out:

Obamacare Lives Another Day

Obamacare: Some Taxpayers Get Second Chance To Purchase Health Insurance

Obamacare: Discrimination Is Not An Option

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