Is your business prepared for the implementation of the Affordable Care Act? Beginning in March, many employers will need to notify their employees of the availability of state insurance exchanges, eligibility criteria, and information about employer contributions, among other things. Covered employers in the restaurant and foodservice industry will have to choose between paying for their employees’ health insurance coverage, or alternatively, paying a tax penalty. For some employers, paying the tax penalty in lieu of providing insurance benefits may result in substantial savings.
- Whether the Affordable Care Act applies to your business;
- The possible advantages of paying the tax penalty instead of providing health insurance benefits;
- Employees’ responsibilities under the statute;
- Mandatory reporting obligations for covered employers; and
- How to avoid the most common compliance mistakes.