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Clearing Up Some Confusion with the The Affordable Care Act

affordable care act 2

 

 

 

 

 

 

The Affordable Care Act (ACA) has led to plenty of
confusion. Below is a recent announcement by the U.S.
Department of Labor, as referenced on the Small
Business Administration Blog.

The ACA requires employers to provide their workers with
a notice about the state health insurance exchanges.
These exchanges will sell insurance to individuals who
don’t get coverage through their employers. The exchanges
are also available to small businesses.

October 1st is the deadline for providing these notices.
Some business owners were concerned about paying a fine
of up to $100 per day under the general non-compliance
penalty provisions.

The U.S. Department of Labor has announced that there
will be no penalty for not issuing the notices. The
official announcement as well as sample employee notices
can be seen at:

http://www.dol.gov/ebsa/faqs/faq-noticeofcoverageoptions.html

In summary, the notice states that there will be no
penalty. But if your company is covered by the Fair
Labor Standards Act (you have one or more employees,
sales of over $500,000, and deal in interstate commerce),
you must provide a written notice to your employees about
the Health Insurance Marketplace by October 1, 2013.
But there is no fine or penalty under the law for
failing to provide the notice.

For assistance with this or other tax or accounting matters please                                                   contact us at 201-947-8081 or 646-688-2807, or email us at info@bergencountycpa.com.

 

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