PPACA Checklist

As 2014 comes to an end and 2015 begins the “play or pay” period begins for employers.  Here is a brief checklist of what you need to get started.  Of course, the complexity of the PPACA is astonishing and the list provided should only be used to gather documents before consulting with Ratliff Law Firm.  First, the employer needs to make a list of employees and their status.  Employers must remember that under the PPACA full-time is considered thirty (30) hours per week and not the traditional forty (40) hours per week.  The second step the employer should take is determining the IRS penalty if the employees are not offered coverage.  Third, in most situations, the required reporting of data is not due until 2016.  With that said, employers need to make sure they are capable of providing such information to the IRS in 2016.  Employers would not introduce a product, skillset, etc., without prior preparation so why would they report to the IRS without proper legal planning?  Fourth, employers must distribute 1512 Notices to all employees.  The 1512 Notice allows employees to know whether or not they will be receiving coverage from their employer.  Last, a combination of the other steps will adequately prepare employers for a potential IRS assessment.  This is not intended to be legal advice and does not form an attorney-client relationship with any reader.