Denver Staffing Agencies Respond to ACA “Key Provisions and Timelines” in 2013 – Part 5

  • Posted by: J. Kent Gervasini |
  • 12/31/12 |
  • 1:00 PM
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Denver Staffing Agencies Respond to ACA “Key Provisions and Timelines” in 2013 – Part 5

Denver staffing agencies, temporary help firms and large Denver employers (50 or more employees) should all be aware of key provisions and timelines affecting employers beginning January 2013 under The Patient Protection and Affordable Care Act (PPACA) signed into law by President Obama on March 23, 2012. 

Here are some of those key dates and provisions for 2013 and 2014:

Date
Key Provision or Timeline
 
2013 Jan. 1
  • Employers must report value of employee health benefits on 2012 Form W-2.
  • Flexible spending account contributions are capped at $2,500.
  • Medicare withholding tax increases from 1.45% to 2.35%.
  • New 3.8% Medicare tax is imposed on unearned income.
2013 Mar.1
  • Employers must notify current employees (and all new hires thereafter) of availability of state health benefit exchanges and the employees’ potential eligibility for subsidies.
2014 Jan. 1
  • Employers with 50 or more full-time or full-time equivalent employees must offer full-time employees (and dependents) health insurance coverage or pay penalties.
  • Employers must file annual report to IRS and employees showing health insurance coverage offered.
  • Individuals must maintain health insurance coverage for themselves and their dependents or pay a penalty (which the U.S. Supreme Court determined is a tax)

The information in the article above is intended for general education purposes only and should not be relied upon as a substitute for professional, legal, and/or accounting advice.

Source:  American Staffing Association, irs.gov

www.JKent Staffing.com
 

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