Beginning in 2015, certain employers that fail to offer affordable health insurance that provides minimum value to their full-time employees and their dependents may incur substantial Employer Shared Responsibility penalties under the Affordable Care Act (“ACA”). We previously wrote about the importance of properly classifying workers as employees or independent contractors to assure ACA compliance
The IRS released proposed regulations last week that amplify and modify earlier guidance issued on the 2010 health care reform law’s employer penalty provision.
Highlights of the proposed regulations include:
Many employers put off making plans to deal with the employer shared responsibility penalty provision of the 2010 health care reform law until after the November elections. With President Obama’s re-election and no real possibility of legislative repeal, procrastinating further would be ill-advised. Employers need to understand now the way the penalty can be triggered