Afordable Care Act Employer Mandate Extended Unitl January 1, 2015

The White House postponed the start date of the employer mandate to January 1, 2015.  This one-year delay will give employers with 50-or-more full-time equivalent employees time to wade through the thousands of pages of regulations issued to date.

A few points to remember on the postponement: 

1. Employers with fewer than 50 full-time employees are not affected by the Affordable Care Act’s employer mandate, as they are not required by the Affordable Care Act to provide insurance to their employees.
2. There is also a one-year delay to the insurance company and employer reporting requirements of the Affordable Care Act.
3. The individual mandate begins in 2014 and was not affected by the delay of the employer mandate provisions.
4. There was no delay to the 3.8% Medicare tax on the net investment income of high-income taxpayers. This new tax begins, as scheduled, in 2013.
   

For assistance with this or other tax or accounting matters please contact us at 201-947-8081 or 646-688-2807, or email us at info@bergencountycpa.com.