Don’t let tax-related compliance requirements take your organization by surprise - PowerPoint PPT Presentation

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Don’t let tax-related compliance requirements take your organization by surprise

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Don’t let tax-related compliance requirements take your organization by surprise

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  1. Health care act TAX OVERVIEW – EMPLOYERS Don’t let tax-relatedcompliance requirements takeyour organization by surprise Presented by: <<Company Name>> [Insert your logo here]

  2. The agenda • “Play or pay” provision • Changes to the health care coverage credit • Increased Medicare tax withholding in 2013 • Other changes [Insert your logo here]

  3. “PLAY OR PAY” PROVISION Could you be subject to penalties?

  4. Shared responsibility basics • Penalties can be imposed on “large” employers that don’t offer minimum essential coverage to full-time employees • Employer risks a penalty if just one full-time employee receives a premium tax credit • Under the health care act, premium tax credits are available to employees who: • Enroll in a qualified health plan through a Health Insurance Marketplace • Meet certain income requirements, and • Don’t have access to minimum essential coverage from their employer or such coverage is unaffordable or doesn’t provide minimum value TIP:Minimum essential coverage is provided by “eligible employer-sponsored plans,” which include plans offered in a state’s small or large group market and self-funded plans, but not certain limited-coverage plans, such as dental-only plans. [Insert your logo here]

  5. What is a “large” employer? • One with at least 50 full-time employees • One with a combination of full-time and part-time employees that’s “equivalent” to at least 50 full-time employees • A full-time employee is someone employed on average at least 30 hours per week • The monthly equivalent of 30 hours per week is 130 hours of service in a calendar month [Insert your logo here]