With the implementation of the Affordable Care Act (ACA), it’s important to stay informed about important, upcoming dates for 2014. Navigating new regulations can be a daunting task, and the tax penalties given for failing to do so are intimidating, particularly for a small business. Even with a proper understanding of the ACA, sifting through old paperwork like timekeeping records is a waste of time which can stunt the growth of your business. At Payroll Specialties NW, we want to help you avoid ACA penalties and make your transition to compliance as smooth as possible by providing you with efficient, cost-effective payroll services.Some important ACA dates for 2014 include:
- Now: Employers should not wait to develop their compliance strategies. Every employer has a unique situation and their compliance strategy will similarly be unique to that business’ current health coverage policy and workforce demographics. Have a proper analysis done to determine your specific exposure to these new rules. This can be done very inexpensively.
- March 31, 2014: Last day of open enrollment for 2014. Failure to obtain health coverage by this date will result in 2015 tax penalties.
- April 2014: Most employers will need to start collecting the correct data and information by this date. While the employer mandate doesn’t go into effect until January of 2015, who an employer must cover (or pay the penalty on) is based on the employee’s prior work history. Some employers may even find it beneficial to use data back to October 2013. Knowing what data to collect and monitor is critical to your planning for compliance strategy.
- November 15, 2014: ACA enrollment opens for 2015 coverage.
- January 1, 2015: For businesses with more than 50 full-time employees, all employees must have insurance by this date. Failure to comply will result in severe penalties.
PSNW wants to make sure your experience with the health care reform is as positive as possible. Leave the employee record keeping to us; with PSNW by your side, your ACA transition will take a fraction of the time with a fraction of the stress. In our digital world, efficient and automated payroll services are invaluable. Contact PSNW today to take advantage of the future of payroll services.