Are You Ready for ‘Play or Pay’ Reporting?December 31, 2015
The Affordable Care Act’s employer shared responsibility (“play or pay”) penalty tax rules took effect for applicable large employers on Jan. 1, 2015. Under these rules, an applicable large employer—one with 50 or more full-time employees, including full-time equivalent employees—is subject to penalties if they offer health coverage to fewer than 70 percent of full-time employees and their dependents (after 2015 this threshold changes to 95 percent) and any full-time employee receives premium tax credits for health coverage purchased on a state or federal exchange. Applicable large employers that offer coverage to full-time employees may still be subject to penalties if the coverage is not affordable or does not provide minimum value, as defined by federal regulators…Accounting Today.
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