Lane Powell Counsel to the Firm Craig Day authored an article in Seattle Business magazine’s March 2015 issue titled “Health Care Reform: It’s Time for Employers to Roll Up Their Sleeves in 2015.” In the article, Day discussed the Affordable Care Act and the mandates that went into effect at the beginning of 2015. He also discussed the act’s new reporting requirements, which were designed to help the IRS assess penalties against noncompliant employers and to help determine who is eligible for premium tax credits on the state health care exchanges.
Although larger employers are required to comply this year, the IRS has provided some transition relief to ease the burden. For example, the requirement that businesses offer health coverage to “all” full-time employees is relaxed. An employer is required only to offer coverage to 70 percent of its full-time employees for 2015; after 2015, the percentage increases to 95 percent. In addition, for 2015, those who face a penalty are essentially able to avoid paying the penalty for the first 80 employees; the number is reduced to 30 after 2015.
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