January 1, 2015 and January 1, 2016 are two big compliance dates that should be at the front of an employer’s mind. The Affordable Care Act’s employer mandate goes into effect on January 1, 2015 for employers with 100 or more full time employees, and January 1, 2016 for employers with 50-99 full time employees. In preparation for these dates, employers should ensure they are offering employees Affordable Care Act compliant coverage.
Employers should document their employee benefit plan’s compliance. Documentation stating your plan was deemed compliant by your attorney, broker, or an independent consultant like Mueller QAAS can be helpful for internal controls and be valuable evidence in an IRS or DOL plan audit. Remember, fines received for noncompliance are not tax deductible. Manage your risk, and put it in writing now to avoid hassle later.