Tuesday, June 7, 2016

What Every Small Business Should Know About the ACA

When it comes to the Affordable Care Act, a lot of the conversation is spent on Applicable Large Employers (ALEs) and their new requirements and regulations. While that’s an important conversation to have, businesses with fewer than 50 employees are affected by the ACA as well. But do you know just how affected you are by the ACA as a small business owner?

You’re Still Somewhat Responsible for your Employees’ Health Care Coverage
Even if you don’t meet the 50 FT-employee-threshold that requires you to provide health insurance for your employees, as an employer you’re still a little responsible for making sure they get covered. This means you’ll need to provide certain information about healthcare Marketplaces if you opt not to offer fully-insured plans to your employees.

If you do decide to provide coverage and other benefits to your employees, you’ll need to establish a plan for making offers of coverage to every eligible employee within 90 days of hire. You’ll also need to provide them with a Summary of Benefits and Coverage (SBC) to explain their health plan and what it costs.

You’re Also Required to File
Keep in mind that if you do make offers of coverage to your employees, you’re required to file with the IRS reporting this coverage each year, just as ALEs do. However, small businesses offering fully-funded plans will need to file Forms 1094-B and 1095-B.

For more specific ACA information tailored to the size of your business, you can visit the US Small Business Administration’s page.

And for more information about e-filing your ACA Forms, give us a call at ExpressIRSForms. We’re available Monday through Friday, 9:00 a.m. to 6:00 p.m. EDT, at (704) 684-4751, to answer any questions you have about the e-filing process. We’re also available 24/7 at support@ExpressIRSForms.com.

Looking for something a little less hands on? Check out ExpressACAForms, our full-service ACA e-filing program.

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