Obamacare Notice to Me Today

September 25, 2013  Our office thought it imperative to notify all of a looming requirement under the Affordable Care Act (commonly Obamacare). Beginning October 1, any business with at least one employee and $500,000 in annual revenue must notify all employees, both full-time and part-time, by letter about the Affordable Care Act's health-care exchanges.   Small businesses, including churches and other religious ministries, should send their employees the required notice on or before October 1.  The requirement applies to any business regulated under the Fair Labor Standards Act, regardless of size.  After October 1, notices must be distributed to any new hires within 14 days of their starting date. Tax professionals, with the assistance of the IRS, are the gatekeepers to this national health care. Starting next year, tax preparers must ask a series of questions of their clients about their health care and if you do not have it, the tax preparer must figure the penalty for the client. The penalty is $95 per adult or 1% of adjusted family income next year, but jumps to $695, or 2.5% of income in 2016.   Wishing you many happy returns,

Wayne