There is no question the biggest issue in board rooms all over the country is what to do with the looming regulations and costs created under the Affordable Care Act. Many businesses have been reactionary in dealing with the implications of the health reform law and this is a mistake. We know that Obamacare means transformational change in the healthcare delivery system but many often ignore the fact it will also change how businesses operate.
The law adds thousands of new government entities to implement a statute that is still being written. Businesses of all sizes need to determine the impact it will have on them soon before it is too late. The law goes live for business next fall.
Smaller employers with less than 50 full-time workers are mostly ignored, however, an important thing to understand as a business owner or executive is how the government will calculate a full time worker. The health reform law looks at a full-time worker as a person who works at 30 hours per week for over 120 days. Regulations are still being written to crystallize exactly how this will be enforced. I don’t think the IRS even knows how they are going to do it, but it will mean added compliance penalties, potential audits and new taxes for businesses who do not prepare now. It is never smart to be reactionary with the IRS and there will be many new IRS agents looking to justify their job in 2014.
The health reform law is still being written through regulation, however, there are things that have been defined. Action oriented businesses can prepare right now and profit later as competitors who wait to the last minute are buried in upcoming months. E.D. Bellis Healthcare Consultants offer an initial assessment for firms of all sizes that includes as pay or play calculation for section 1513 of the healthcare reform law, a compliance checklist and recommendations on how to proceed after the fiscal cliff. Contact E.D. Bellis today for an end to the uncertainty.