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Timely News Items
July 13, 2020
ObamaCare, how can you protect your business?
The Affordable Care Act, or Obamacare as it is commonly referred to is evolving from a political football to a fiscal reality, in particular for employers and small business owners. Regardless of your opinion of the bill, it is becoming a force that you will have to reckon with.
Part of the bill is that it is being implemented over a several year period, with tax year 2012 the first year that will require action on the part of employers, action in particular to reporting.
We have all heard stories of employers reducing hours for employees to remove them from the full time status, or how you will be penalized for not offering healthcare for employees...and how that might be your most affordable option.
One of the more disconcerting aspects of the bill is that it will be almost constantly changing. Much of the bill relies on regulations yet written by committees yet formed.
We have attached a current timeline for the implementation of the bill here that you may find helpful. Please feel free to view or download.
We have been monitoring the bill and the effects it could have on a business, more important, we are in a position to offer guidance for to the business owner on mitigating any adverse effects it may have on your business, your employees or the bottom line.
Should you have any questions, please feel free to call our office or drop us a note.