• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Windham Region Chamber of Commerce

  • Home
  • News
    • Chamber News
    • Member News
  • Community Programs
    • Eastern CT Veterans Community Center
      • Resources
      • Survivors of Suicide Loss
      • Afghanistan: Let’s Talk About It
  • Business Resources
    • RE-OPENING CT
    • COVID-19
    • Business Resource Center
    • Windham Region Business Directory
  • Upcoming Events
  • Member Center
    • Member Login
    • Member Directory
    • Member to Member Deals
    • Chamber Alliance Networking (CAN) Coffee Hour
  • Join
    • Benefits Of Membership
  • Staycations
    • Step Back in Time
    • Shopping Staycation
    • The Great Outdoors
  • About Us
    • 2019 Annual Report
    • 2020 Board of Directors
    • Contact Us

Jul 20, 2016 by Windham Chamber

Employers: Here’s a Mid-Year Affordable Care Act Refresher

As an employer, the size and structure of your workforce helps determine which parts of the health care law apply to your business. Work forces typically fluctuate, so it’s important to annually determine the size of your workforce.

The number of employees you have during the current year determines whether your business is an applicable large employer for the following year. Applicable large employers are generally those with 50 or more full-time employees, including full-time equivalents. Employers with fewer than 50 full-time employees, including full-time equivalents, are not applicable large employers.

 

Fewer than 50 Employees

50 or More Employees

Applicable large Employers

Information Reporting

• All employers, regardless of size, that provide self-insured health coverage must file information returns with the IRS about individuals they cover and furnish a statement to employees about the coverage provided. If health coverage is provided through an insurance policy, the issuer files the return and furnishes the statement.

 

Payments

• Employers with fewer than 50 full-time employees, including FTEs, are not subject to the employer shared responsibility provisions.

 

SHOP Eligibility

• Employers can purchase insurance through the Small Business Health Options Program Marketplace.

 

Credits

Employers may be eligible for the small business health care tax credit if they do all of the following:

1. cover at least 50 percent of employees’ premium costs,

2. have fewer than 25 FTEs with average annual wages of less than $52,000 in tax years 2015 and 2016

3. purchase their coverage through the Small Business Health Options Program Marketplace

Information Reporting

• Applicable large employers must file information returns with the IRS about the coverage they offered and furnish a statement to employees about the health coverage offered. If applicable large employers provide self-insured coverage, the employer also includes information about covered individuals on the information return.

 

Payments

• Applicable large employers are subject to the employer shared responsibility provisions. Transition relief is available for certain employers for 2015 and 2016.

• In general, applicable large employers are subject to a payment if the employer does not offer affordable coverage that provides minimum value to its full-time employees and their dependents and at least one full-time employee gets a premium tax credit.

 

SHOP Eligibility

• Employers with 50 or fewer employees, including FTEs, in 2016 can purchase insurance through the Small Business Health Options Program Marketplace. Starting in 2016, some states may make the SHOP Marketplace available to businesses with up to 100 employees. See the Small Business Health Options Program Marketplace for more information.

 

The Employer Shared Responsibility Provision Estimator can help you understand how the provision works and how it may apply. If you are an employer, you can use the estimator to determine the number of your full-time employees and whether you might be an applicable large employer,

For more information on these and other ACA tax provisions for employers, visit IRS.gov/aca.

Filed Under: IRS Tips

Footer

Connect With Us

We’re conveniently located in the heart of downtown Willimantic’s business district. Call us to schedule a meeting to discuss your business needs or to meet with our Business Resource Center.

Windham Region Chamber of Commerce
1320 Main St., Suite 27
Willimantic CT 06226
Phone: (860) 428-7739

info@windhamchamber.com

Subscribe to our newsletter!

Sign up below to receive weekly news and events from the Chamber!

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: The Chamber of Commerce, Inc, Windham Region, 1010 Main Street, Willimantic, CT, 06226, https://www.windhamchamber.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts

  • SLICE OF LIFE Living History Event in Windham, CT
  • STANDARD MILEAGE RATES FOR 2022 & OTHER MILEAGE TAX INFO
  • DID YOU KEEP ANY OF YOUR EMPLOYEES THROUGHOUT THE PANDEMIC? YOU NEED TO READ THIS!
  • DO YOU OWE ANY CT TAXES FROM 2020 OR BEFORE? THERE IS HELP
  • MAPLE FESTIVAL IS MARCH 19-20!!

Categories

Copyright © 2022 · The Chamber of Commerce, Inc. Windham Region