More Time on the ACA Clock: How to Avoid Huge Fines for Your School
No one likes expensive surprises–especially school leaders. Unfortunately, too many administrators and board members are going to be blindsided by new Affordable Care Act regulations that have an upcoming deadline. But that’s why you trust SOS and rely on us to keep you “in the know.”
Deadline Extension. On December 28th, the IRS extended the deadlines for the ACA by at least two months. This regulation requires you to file specific paperwork that demonstrates the appropriate classification of employees in your school and whether you have complied with mandates to offer health insurance.
How to tackle: Use this extra time to get to work on your compliance requirements! Using this guide will help you with all the details, and to determine which ones apply to you.
- First, make sure you get your entire end of the year duties done, with this handy checklist.
- Second, set a resolution for completing this important work. Not sure what that should be done? This quiz will help.
- Third, get clarity on all the new labor laws headed your way. We’ve outlined some of the major new ones hitting the books in January, as well as ways you can effectively address them:
States like California and New York have signed Fair Pay Laws, which work to improve the pay of women in the workplace.
- How to tackle: Check with your state labor website for information. California’s Fair Pay Law, for instance, requires that you post signs about the new law in a frequently-accessed location.
HSAs (Health Saving Account) let people set aside money on a pre-tax basis to be used later for healthcare costs. For 2016, the individual contribution rate stays the same, but the family rate goes up by $100 to $6,750.
- How to tackle: If you offer an HSA, let your employees know about the changes and increase their offerings, if necessary.
- How to tackle: If you have any hourly workers, check their pay rates and ensure they’re at or above the minimum.
New definitions have been established for Small Group Employers. The PACE act, which was signed into law in October, undid the ACA expansion of the definition of small group employers. States are now left to deliberate over their own definition of a small group.
- How to tackle: If you are an organization with less than 50 employees (part-time and full-time), this doesn’t affect you. Otherwise, check out this handy guide that details your state’s ruling and what you can do in response to it.
Cadillac Tax Delay. On December 18th, the President signed a bill that delayed the start of the Cadillac Tax from 2018 to 2020. This guide has more information for you on the Cadillac Tax, its delay, and how it might affect you.
SOS is your partner to help keep you out of trouble through such a period of rapid change. With the resources provided on our website and the support you receive through your membership, we’ll collaborate with you to achieve compliance and success.
Copyright © 2015 School Office Services (SOS) all rights reserved. These services and materials may be reproduced by the authorized user solely for its own benefit and internal use. They may not be used by or distributed, reproduced or sold to any other person, subsidiary, related company, or other organization. Use of services and materials by consultants, attorneys, or similar parties to provide services to their clients is prohibited. Except as allowed above or with the written permission SOS, no part of these materials and services may be reproduced, transmitted, or stored in a retrieval system, in any form, including by photocopy, microfilm, electronic or mechanical process, or by any other means. Copyright restrictions are not applicable to information included in this product that is in the public domain.