Employer Requirements and Tax Implications
In this second issue of our four part series examining the various tax provisions of the Patient Protection and Affordable Care Act (PPACA), we will update you on some of the tax implications for small and large employers. This Alert covers how PPACA:
- Provides premium subsidy via tax credits for small employers
- Assesses the potential monetary penalties to large employers who do not offer coverage, or the right level of coverage
- Creates new W-2 reporting requirements for most employers
- Limits employer deductions for retirees’ drug coverage.
Here
is what you need to know about employer requirements and tax implications.
As with so much of the health insurance reform initiative, a significant amount of this Legislative Alert remains a work in progress. We will continue to monitor these developments, and report them to you.
As a reminder and recap, here are the four pieces we are covering in the series:
- Individual Mandate & Tax Implications – please click here to view the alert sent July 13
- Employer Requirements & Tax Implications
- Insurance Coverage Subsidy Program
- Other New PPACA Related Taxes
Please visit www.healthcareexchange.com for blog posts, polls, surveys and numerous resources, or www.benefitmall.com view previous Legislative Alerts.
The views expressed in this post do not necessarily reflect the official policy, position, or opinions of BenefitMall. This update is provided for informational purposes. Please consult with a licensed accountant or attorney regarding any legal and tax matters discussed herein.