Affordable Care Act's Deadline Could Subject Your Business To A $100/Day Hidden Penalty
Posted on September 15, 2013
Deadline looming for millions of businesses
As of October 1, 2013, any business that employs at least one employee and has $500,000 in annual revenue must notify all of its employees by letter about the Affordable Care Act's health-care exchanges. If your business meets these requirements and does not comply, it will face up to a $100-per-day fine. The condition applies to all businesses that are regulated under the Fair Labor Standards Act, regardless of size. Additionally, a letter must be distributed to any new hire within 14 days of his or her starting date. This is required by the Department of Labor.
Stay compliant by downloading the notice of exchanges and subsidies letters
If you are an employer, please take a moment to read and familiarize yourself with the Department of Labor's website and the attached regulations. The Department of Labor posted sample letters (you may provide the forms to your employees via mail or in person) for employers to use:
Note: The ACA regulations are being amended regularly, so it is strongly suggested that you check the DOL website on a regular basis for amendments and changes to guidelines and regulations.
Disclaimer: This information is not intended as legal advice and is for informational purposes only. We highly suggest you consult an HR professional or legal expert in employer compliance to assure you are following all regulations as intended by law.
For more information
Visit these valuable links for more information on the Affordable Care Act and how it may affect your business.
Need help or have a question? Contact us!
For more information about the ACA, contact Carrie Wiegand via email, or Cindy McSwain using her information below.
Senior Vice President
Cindy McSwain leads AGH’s outsourcing services group. Her team provides payroll, accounting, funds disbursement, controller, and other financial outsourcing services to numerous clients throughout the U.S. Prior to directing the outsourcing group, Cindy served AGH’s audit clients for 10 years, working with a wide range of middle-market, closely held and family-owned clients.
Her current clients cross many industry sectors, including manufacturing, distribution, restaurants, retailers, medical, and not-for-profit. She has participated in numerous SEC filings and public registrations and has experience in mergers and acquisitions. Cindy is a certified public accountant and a member of both the American Institute of Certified Public Accountants and the Kansas Society of Certified Public Accountants.
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