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The Affordable Care Act reporting requirements and potential excise tax penalties remain challenging for employers. As of January 1, 2016, the law applies to even more employers and an even higher percentage of employees.
The ACA’s excise tax includes daunting requirements for determining whether an employee is full-time. Under the ACA, if employers do not offer coverage to 95% of full time employees, they have to pay a $2,160 federal excise tax for every full-time employee not offered coverage under appropriate health insurance.
Who is a full-time employee? This is no longer an obvious classification. Certain contingent workers could now be considered full time common law employees, and companies must evaluate their number of employees by a specific measurement methodology.
If the 95% thresholds are not met, if even a single employee obtains coverage on an ACA-mandated insurance exchange with a tax subsidy, the $2,160 excise tax is levied not just for that single employee, but on every employee in the enterprise, whether they were offered coverage or not.
This program will cover the following steps employers need to undertake to be prepared for the new 2016 requirements:
• Documentation of financial statement position under ASC 450 regarding excise tax accrual
• Analysis of contingent workforce
• Evaluation of internal controls
• Evaluation of data integrity within systems
This program will help participants to understand the new risks and levels of risk, such as:
• Significantly higher requirements to meet;
• Higher penalties to pay; and
• Deciphering the daunting requirements for determining whether an employee is full-time.
Who would benefit most from attending this program?
HR practitioners often take the lead on ACA reporting, but need other function managers, such as Tax, Finance, Accounting, Internal Audit, Legal, Payroll, Procurement, IT, and the CFO to understand their roles and the implications for 2016.
A 20+ year veteran of advising companies on HR issues, Ms. Meunier advises companies in all industries on the employer implications of the Affordable Care Act. With EY since 2000, she helps companies to understand the law’s impact from a financial perspective, and assists with operational, strategic, and compliance issues associated with the new legislation. She is a frequent speaker to industry groups on HR cost management and the Affordable Care Act.
Mr. Master manages a team of approximately 200 professionals responsible for providing a comprehensive suite of ACA tax services to clients spanning ACA Readiness Assessments, Cost Modeling, Employer Mandate Compliance, Marketplace Exchange Support, and IRS Information Reporting Services.
Additionally, he is the founder and former national leader of EY’s Business Incentives and Tax Credits Practice and spearheaded the leadership of the “C&I” practice for EY for the past seven years.
He has over 22 years of consulting experience with financial and tax incentives. He joined EY in 1995 and founded the Business Incentives practice for the Southwest Region of EY, a practice that has grown to serve many of the Fortune 1000 nationally. He is a licensed CPA in the State of Texas and is also a member of the Texas Society of CPA’s and the American Institute of Certified Public Accountants.
James Pheifer is a principal in Ernst & Young LLP's Human Capital practice.He has over 17 years of broad-based human resources consulting experience, including HR risk management, HR strategy and design, and HR process improvement.
Prior to re-joining EY, James was an in-house human resources attorney where he was responsible for compensation, benefit, and employment law matters.James is co-leader of the practice's contingent worker solution and has dedicated a large portion of his time to workforce management issues, including wage/hour and contingent worker matters where he fuses his technical background with practical business solutions.
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