Final drafts and detailed instructions for the forms are expected to be released in the coming months.
On Thursday, the IRS released drafts of the
forms that businesses will be required to complete as part of the
implementation of the Affordable Care Act’s employer mandate. Final drafts and
detailed instructions for the forms are expected to be released in the coming
months. Businesses with 100 or more employees must begin offering health
insurance to at least 70 percent of their fulltime employees, or choose to pay
a fine, at the beginning of 2015. Businesses with 50 to 99 employees have until
2016 to comply with the ACA’s mandated coverage requirements, but they still
must verify with the IRS that employees are complying with the individual
mandate in 2015. NFIB’s Kevin Kuhlman says that the key for all businesses with
50 or more employees is to track hours carefully next year for the
retrospective reporting due to the IRS in 2016.
However, as of
this week, there were still reports suggesting that the President might delay
the mandate for a third time, or extend the time allowed before full compliance
is required. Some Democrats and liberal supporters of the President continue to
be concerned about the political fallout from the mandate and are urging the
Administration to consider delaying its implementation.
Sen. Mark Warner sent a letter to Treasury Secretary Jack Lew urging to him
consider easing the employer mandate’s burden on smaller businesses that might
not be prepared for the volume of paperwork they will encounter as they
navigate the ACA’s regulations. Warner suggested that the Administration be
open to one more year-long extension.
month, Natalie Tennant, the Democratic candidate in the West Virginia Senate
race, said, “Washington should be having a serious conversation about getting
rid of the so-called employer mandate. The facts show it doesn’t do much good
for the workers who need it most, or help many people get insurance.” In May,
the liberal Urban Institute released a report titled, “Why Not Just Eliminate
the Employer Mandate?”
At the same,
House Republicans are moving ahead with a lawsuit over President Obama’s
decision to delay the mandate unilaterally.
This news article is intended to keep small business owners apprised of current events that may affect them. It does not necessarily reflect NFIB’s policy position on such issues.