Business & Finance Taxes

Small Business Employers Asked to Give Feedback on Affordable Care Act

Are you an employer of at least 50 full-time staff members currently on the Affordable Care Act? Do you give feedback to the IRS and the Treasury Department on the Affordable Care Act as earlier requested? If not, then it is time you gave it a serious thought.
The Affordable Care Act demands that employers of 50 or more full-time employees should help the government in managing health insurance of their employees.
Whatever such employers are required to pay is referred as their "shared responsibility" payment.
The provision in the Act is expected to come into effect in 2014.
The request for feedback was posted in the taxman's website under Notice 2011-36.
The IRS is collecting views from employers on several pertinent issues that they mean to integrate in the future guidance on how employers will be required to abide by the requirements of the Act.
One of the opinions the IRS is seeking is the criteria to be used in defining a full-time employee.
Several employers have so far submitted suggestions while others have sought for exhaustive guidance on the Act.
The feedback exercise is geared towards ensuring that all stakeholders concerned find the execution of the provisions in the Act just and effective.
The IRS and the treasury would like to see to it that the due compliance of the Act has room for suppleness and employers don't feel weighed down.
The notice further seeks to find clarification on how the Departments of Treasury, Labor, Health, and Human Services should construe and put into effect the Act's provisions that limit the capacity of plans and issuers to impose a waiting period for health coverage of longer than 90 days, which is expected to take effect in 2014.
A proposed regulation that will later be formulated and issued will consider the views and comments that have been submitted so far.
The IRS has set up several channels through which manufacturers can leave their reactions.
The first one is via email available in the IRS website.
One should use "Notice 2011-36" in the subject line.
Also, employers can send their feedback via mail to Internal Revenue Service, CC: PA: LPD: PR (Notice 2011-36), Room 5203, P.
O.
Box 7604, Ben Franklin Station, and Washington, DC 20044.
Hand deliveries are also accepted to those who can, to:CC:PA:LPD:PR (Notice 2011-36), Courier's Desk, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, D.
C.
, between 8 am and 4 pm,Monday through Friday.


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