IRS Creates Website for Tax Ramifications of Affordable Care Act

Do you still have questions about the Affordable Care Act?  It’s understandable when you couple the overwhelming length of the Act with all of the changes and updates.

The IRS has created a new website to provide more information on the tax ramifications of the Act at  Businesses, individuals and tax-exempt organizations can find useful information to help plan and prepare.

Be aware that the IRS website does not cover every aspect of the Affordable Care Act.  However, the IRS developed Publication 5093 which provides links to other agencies for additional guidance.

One important issue you don’t see directly on the IRS website is the requirement for businesses covered by the Fair Labor Standards Act (generally, any employer with at least 1 employee and have annual gross revenues of at least $500,000).  These provisions require employers to provide notice to all employees, part-time and full-time, by October 1, 2013.  New employees should receive the notice within 14 days of their start date.

The Department of Labor has provided model notices for employers – one for employers who offer a health plan and one for employers who do not.  Those notices and more information about the requirement can be found here.