Tax Alert: Affordable Care Act Reporting for 2017 Calendar Year

Duration: 60 Minutes
The Affordable Care Act (ACA) is still in effect for 2017. The ACA provides for individual and employer mandates to obtain or provide minimum essential health coverage. Employers and coverage providers are required to furnish reports to employees and file with the IRS information returns indicating the offer and provision of affordable minimum essential coverage and to indicate exemptions from the requirements. This webinar discusses the reporting requirements, information returns, and compliance issues.
Affordable Care Act Reporting for 2017
Product ID: 508106
Objectives of the Presentation
  • Understand the purpose of each form and who is responsible for filing it
  • Know how to determine if an employer is an applicable large employer (ALE)
  • Know when small employers are required to file forms and which forms to use
  • Understand the special reporting requirements that apply to employers with self insured plans
  • Know what information is required and how to report it
  • Be aware of the cost or penalties for noncompliance
  • Understand how insurance providers fit into the process
  • Be aware of the tax credits available and how to take advantage of them
  • Know which costs to report on Form W-2
Why Should you Attend
Between legislative initiatives by congress and executive actions by the White House, the status of the ACA requirements for 2017 has been confusing at best. An understanding the reporting rules for 2017 and the risks and consequences of noncompliance are essential for businesses to avoid or mitigate costs.

Areas Covered
Distinguishing between small employers and applicable large employers (ALEs)
  • The special reporting requirements for employers with self insured plans
  • The reporting requirements for each type of employer and who is responsible for the reporting
  • A view of each of the forms and instructions for preparing the forms
  • Review of Form W2 reporting requirements related to the cost or value of employer sponsored health care plans
  • Information reported to employees and information provided to the IRS - what it means and how it is used
  • What to do to avoid or mitigate noncompliance costs or penalties
  • Special provisions applicable to small employers
Who will Benefit
  • HR managers and staff
  • Payroll managers and staff
  • Third party payroll service providers
  • Benefits administrators and consultants
  • Insurance providers
  • Small employers
  • Tax practitioners
  • Companies that provide employees with health coverage or are subject to the employer mandate
  • Any employer that is an applicable large employer (ALE)
  • Any small employer who may be eligible for tax credits under the ACA
Topic Background
The Affordable Care Act (ACA) is still in effect for 2017. The ACA provides for individual and employer mandates to obtain or provide minimum essential health coverage. This is also known as the "shared responsibility" provisions. The ACA also provides for shared responsibility payments (penalties) for failure of individuals to obtain coverage or for failure of certain employers to offer or provide affordable coverage.

Information returns regarding coverage of individuals must be furnished to them so they can determine premium subsidies or shared responsibility payments. The ACA also requires that certain employers report information concerning the cost of health care coverage provided to employees on Form W-2.

Employers may be subject to shared responsibility payments for failure to provide affordable minimum essential coverage to employees or for failure to report information correctly. Smaller employers may be eligible for tax credits or exemption from the filing requirements.
$300
Recorded Session for one participant
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  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
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Instructor Profile:
Patrick A. Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent tax payers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including payroll tax issues, FLSA compliance, and information return reporting.
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