Affordable Care Act worries… did you hire more than 10 Employees in 2015?
According to the IRS Tax Tips News letter. If you are an Applicable Large Employer (ALE), here are five things to know:
- Applicable large employers have annual reporting responsibilities. You will need to provide the IRS and employees information returns concerning whether and what health insurance you offered to your full-time employees.
- If you’re an applicable large employer that provides self-insured health coverage to your employees, you must file an annual return reporting certain information for each employee you cover.
- ALEs must either offer minimum essential coverage that is affordable and that provides minimum value to their full-time employees and their dependents, or potentially make an employer shared responsibility payment to the IRS. Learn more about the employer shared responsibility provision.
- You may be required to report the value of the health insurance coverage you provided to each employee on their Form W-2.
- If you’re an applicable large employer with exactly 50 employees, you can purchase affordable insurance through the Small Business Health Options Program (SHOP).
See more about the Affordable Care Act on the IRS’s ACA Page