Local CPA Helps Transition With Affordable Care Act Changes
Health-Care reform will soon be moving in on small businesses as owners and their Certified Public Accountants plan accordingly.
With the re-election of President Obama, the Affordable Care Act is set to move forward.
As state governments work at figuring their part and implement programs for their residents, small businesses will need to make adjustments to fit the new requirements.
One of the larger concerns to general population is whether or not businesses will shift to employing more part-time workers in order to relieve responsibility requirements for offering health care to full time employees.
Many companies already offer health care to employees and soon the rest will be doing the same.
This insurance mandate applies to those businesses with 50 or more full-time employees.
This is based on the amount calculated from the number of employees with the hours worked each week.
Pre-planning schedules up to a year ahead of time to calculate which employees will be considered full-time may be done to avoid penalties.
If a company does not offer affordable health insurance, there will be penalties ($2000 for each qualified individual) per uncovered qualified employee beyond 30 uncovered individuals.
If the company offers unaffordable healthcare and the employee applies for a federal tax subsidy, it will be charged a penalty of $3000.
Small businesses will have to weigh in the pros and cons for their health care plans.
Bring the CPA into the picture for cost effective planning.
Small business owners would benefit from pre-planning strategies to introduce the new laws into their business plans as they become law.
*Would making the shift to more part-time employees be beneficial to the business? This decision goes beyond the health care act to keep a small business functioning and profitable.
Part-time employees usually have larger turnover rates than carrying full-time workers.
Those who work full-time and receive benefits are more apt to stay on the job longer.
This improves the workforce with dedicated well trained employees.
Part-time employees are more apt to change jobs more frequently as they continue to look for full-time opportunities.
*Small employee numbers for group insurances may not be the most cost effective for businesses and individuals.
Work out cost effectiveness with the local CPA so as not to leave out any component; penalties may be more costly.
*Create a plan for a smooth transition.
With so many uninsured Americans looking to receive affordable health insurance under President Obama's Affordable Care Act, there are bound to be problems to be worked out during the process of it all.
Find a CPA who stays current with law and tax updates for your small business.
Small businesses will need to prepare for the worst in order to come out of these changes on top of the game.
Federal and state government officials will be busy handling millions of new insurance customers.
New systems will need to be created or old ones revamped in order to comply with the new laws.
Since most large companies already offer health insurance to their employees, they will see less conversion.
The small businesses will be hit the hardest with having to provide insurance for all employees or pay the penalty if not.
Contact your CPA to begin strategizing positive changes for your business.
With the re-election of President Obama, the Affordable Care Act is set to move forward.
As state governments work at figuring their part and implement programs for their residents, small businesses will need to make adjustments to fit the new requirements.
One of the larger concerns to general population is whether or not businesses will shift to employing more part-time workers in order to relieve responsibility requirements for offering health care to full time employees.
Many companies already offer health care to employees and soon the rest will be doing the same.
This insurance mandate applies to those businesses with 50 or more full-time employees.
This is based on the amount calculated from the number of employees with the hours worked each week.
Pre-planning schedules up to a year ahead of time to calculate which employees will be considered full-time may be done to avoid penalties.
If a company does not offer affordable health insurance, there will be penalties ($2000 for each qualified individual) per uncovered qualified employee beyond 30 uncovered individuals.
If the company offers unaffordable healthcare and the employee applies for a federal tax subsidy, it will be charged a penalty of $3000.
Small businesses will have to weigh in the pros and cons for their health care plans.
Bring the CPA into the picture for cost effective planning.
Small business owners would benefit from pre-planning strategies to introduce the new laws into their business plans as they become law.
*Would making the shift to more part-time employees be beneficial to the business? This decision goes beyond the health care act to keep a small business functioning and profitable.
Part-time employees usually have larger turnover rates than carrying full-time workers.
Those who work full-time and receive benefits are more apt to stay on the job longer.
This improves the workforce with dedicated well trained employees.
Part-time employees are more apt to change jobs more frequently as they continue to look for full-time opportunities.
*Small employee numbers for group insurances may not be the most cost effective for businesses and individuals.
Work out cost effectiveness with the local CPA so as not to leave out any component; penalties may be more costly.
*Create a plan for a smooth transition.
With so many uninsured Americans looking to receive affordable health insurance under President Obama's Affordable Care Act, there are bound to be problems to be worked out during the process of it all.
Find a CPA who stays current with law and tax updates for your small business.
Small businesses will need to prepare for the worst in order to come out of these changes on top of the game.
Federal and state government officials will be busy handling millions of new insurance customers.
New systems will need to be created or old ones revamped in order to comply with the new laws.
Since most large companies already offer health insurance to their employees, they will see less conversion.
The small businesses will be hit the hardest with having to provide insurance for all employees or pay the penalty if not.
Contact your CPA to begin strategizing positive changes for your business.
