What is ACA?
The Affordable Care Act (ACA) was signed into law on March 23, 2010, with the intent to expand coverage, control health care costs, and improve the healthcare delivery system. Two key components of the act include the individual mandate and the employer mandate.
Employers with 50 or more full-time equivalent (FTE) employees are required by the ACA to offer qualifying health care coverage or potentially face penalties based on whether any of their employees receive premium tax credits for their qualifying coverage.
While employers with or more 50 or more full-time equivalents are responsible for offering health care coverage, starting in 2015 they are also responsible for reporting under Sections 6055 and 6056 on the offer of coverage to each individual as well as other plan details. Employers who self-insure for health care must also file even if fewer than 50 employees.
After reading this you might be thinking:
- What does this mean for my business?
- Am I a small or large employer? Why does it matter?
- How do I calculate my FTE’s?
- Am I required to file any ACA forms?
- How do I get and stay compliant?
Don’t worry…we’ve got you covered! Precision Payroll of America offers you two options: Compliance Management Services or our DIY with Consultation Services. With either option that you choose, we are here to help you with your ACA compliance needs.
PPA’s ACA Compliance Services
Precision Payroll of America offers the choice of services to all our clients:
Compliance Management Services
DIY with Consulting Services
What ACA Forms need to be filed?
To help you navigate to the necessary forms, or to simply explain the ACA forms that need to be filed, see the table/links below.