VIEWpoint Issue 1 | 2022
Brief Insights | Meeting Provider Relief Fund Reporting Requireme...
VIEWpoint Issue 2 | 2021
2022 Q4 Tax Calendar: Key Deadlines for Businesses and Other Empl...
Ask the Advisor: Key Tax Incentive Changes
Weathering the Storm of Rising Inflation
Under the ACA, the shared-responsibility provision (commonly referred to as “play-or-pay”) applies to “large” employers — those with the equivalent of 50 or more full-time employees. Play-or-pay had been scheduled to go into effect in 2014 but last year the IRS pushed that out to 2015. Now, under the final regulations, eligible mid-sized businesses that otherwise would be considered large employers under the ACA won’t be subject to the provision until 2016. To qualify for the mid-sized businesses relief, an employer must:
The final regulations also provide some relief for large employers that don’t qualify for the mid-sized businesses relief. In 2015, they can avoid the penalty for not offering minimum essential coverage by offering such coverage to at least 70 percent of their full-time employees, rather than the 95 percent originally scheduled. The 95 percent requirement will apply in 2016 and beyond.
The final regulations also clarify certain aspects of the play-or-pay provision. Contact Doeren Mayhew’s business advisors in Michigan, Houston or Ft. Lauderdale if you’d like more information on the final play-or-pay regulations or other ACA provisions.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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