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IMPACT OF HEALTHCARE REFORM ON PAYROLL, HRIS AND HUMAN RESOURCES. Health Care Reform – It Does Impact Payroll. 2010 - 2011 Small Business Tax Credit Temporary small business tax credit is available for some firms who provide qualified health coverage. Continuation of dependent coverage
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IMPACT OF HEALTHCARE REFORM ON PAYROLL, HRIS AND HUMAN RESOURCES
Health Care Reform – It Does Impact Payroll 2010 - 2011 • Small Business Tax Credit • Temporary small business tax credit is available for some firms who provide qualified health coverage. • Continuation of dependent coverage • Children may stay on their parent’s policies until age 26. Burden on business to track the age of dependants.
Health Care Reform – It Does Impact Payroll 2011 • W-2 Reporting • Employers required to report employee’s health benefits (medical, dental, vision coverage costs on W-2’s. • Upgrades necessary for payroll systems to produce the new W-2. • HSA & FSA Limits • Elimination of tax advantage for OTC items
Health Care Reform – It Does Impact Payroll 2012 • 1099 Reporting • Businesses need to produce and distribute Form 1099 for every business-to-business transaction of $600 or more
Health Care Reform – It Does Impact Payroll 2013 • “Medicare” payroll taxes • The Medicare payroll tax on wages and self-employment income in excess of $200,000 will increase from 1.45% to 2.35% • Penalty to employer if they do not collect the additional tax. • FSA Limits • Cafeteria plan FSAs will be limited to a maximum of $2,500 (inflation adjusted after 2013)
Health Care Reform – It Does Impact Payroll • Key considerations for payroll/HRIS services • Make sure your provider makes all of the necessary calculation adjustments • Evaluate current systems to ensure that the required data can be collected and reported
Critical Factors for Success Planning Knowledge Communication Maintenance
Planning • Establish your internal leadership team • Chief Operations Officer • Chief Financial Officer • Chief Human Resource Officer • Chief PR/Marketing Officer • Determine activities, timeframes and responsible parties
Planning • Establish your internal working team • Finance • CFO/Controller • Accountant • Payroll Administrator • Human Resources • Director of HR • Benefits Administrator • PR/Marketing • Director of PR/Marketing • Determine activities, timeframes and responsible parties
Planning • Identify external resources • Benefits broker/consultant • Accountant • Payroll administrator • Benefits attorney • Benefit plan administrators • Determine roles and interface with internal teams
Knowledge • Become knowledgeable of overall legislation regulations • Identify the aspects affecting your organization • Conduct detailed research on high impact areas
Communication • Communicate changes in procedures to: • Board and executive staff • Employees • Vendors • Clients • Other interested or affected groups
Communication • Communicate changes • In advance • Describe rationale • Action required • Multiple times and use various media • Implementation follow-up • Insure compliance and understanding
CONTACT INFORMATION John Israel – Principal 215-654-9140 ext. 110 firstname.lastname@example.org Greg Gast – Principal 215-654-9140 ext. 103 email@example.com www.proxushr.com