The Affordable Care Act (ACA) was signed into law on March 23, 2010. The law requires that large employers provide healthcare to their workforces, mandating that the healthcare provided must be deemed “affordable” and meet certain minimum requirements. Workforce size and type of coverage impact how employers are required to comply with the law. Employers of any size do have the option to forgo providing healthcare; however, they will be subject to a per employee penalty.
As a payroll provider, Paytime can help you understand the ACA and how it applies to your business. At Paytime, our team of experts is there to help you understand your options, choose the right solution, and meet all ACA requirements so that you stay compliant.
Paytime can help by:
- Determining your employer status
- Measuring your plan affordability
- Understanding your employee eligibility
- Filing required IRS forms