ACA: Employers urged to take action immediately in order to be prepared
Providing a false sense of security, the postponement of the employer mandate of the Affordable Care Act until January 1, 2015, is leaving many employers unprepared. The assumption that not much needs to be done for the time being is far from reality.
In 2015, the IRS will be looking at the 2014 data for all employers. Beginning in 2014, all employers should have systems in place to track and record employees’ work hours in order to determine if they are considered an “applicable large employer” and to determine if they employed at least 50 full time or full time equivalent employees (based on the definitions outlined in the ACA) during the previous calendar year, in addition to being able to identify its full time employees if it is determined that they are subject to the law using these measurements. .