Two Notable Changes in Obamacare Rollout

Two Notable Changes in Obamacare Rollout

Posted on

Author: Scott Zickefoose, CPA, CM&AA

On February 10, 2014, the federal government announced another delay in Obamacare’s rollout.  The announcement contained two notable changes to the already delayed mandate.  The government will now exempt employers that have between 50 and 100 full-time employees (as defined in the regulations) from complying with the mandate to offer coverage until 2016.  Prior to this announcement, employers with 50 or more full-time employees that did not comply with the mandate would face penalties of at least $2,000 and up to $3,000 beginning in 2015.  The enforcement date for employers with 100 or more full-time employees has remained unchanged.

Monday’s announcement also outlined one change for employers with greater than 100 employees. These large employers will now only have to offer affordable insurance coverage to 70 percent of their full-time workers by 2015 in order to comply with the law.  This is down from the 95 percent that was originally proposed.

Full announcement

If you have questions regarding your specific situation, please feel free to contact your Keiter professional, or email JFlinchum@keitercpa.com


The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

More Insights from Keiter CPAs

Contact

How Can We Help You and Your Business?

Innsbrook Corporate Center
4401 Dominion Boulevard
Glen Allen, Virginia 23060

804.747.0000 or 804.273.6200

Directions