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IECRM Seminar Helps Employers Prepare for Affordable Care Act Requirements
Denver-area employers attended a free seminar on the Affordable Care Act in Denver on March 18th.
Beginning in 2016, employers that have between 50 and 99 employees who work more than 30 hours a week must comply with the employer coverage requirements, or risk being hit with a penalty tax the following year.
This bracket can be complicated for electrical contractors, staffing firms, and other companies that may have a fluctuating payroll of employees who work a varied number of hours each week.
According to new guidelines introduced by the IRS, each “Variable Hour Employee” must be tracked by the employer upon hire. At the end of the tracking period, the employee will be classified as either part-time or full-time. If full-time, the employer is required to provide affordable and adequate health care coverage for that employee, or risk being hit with a penalty tax the following year.
Smallwood explained that the IRS tracking system can be “wildly complicated”
Companies in attendance at the seminar included Blueprint Skilled Services, LLC, a construction staffing firm, New York Life, an insurance firm based in Longmont, and Bret’s Electric, LLC, an electrical contractor based in Frederick.
To sign up for future free seminars at IECRM, please visit www.iecrm.org/