There are a number of penalties associated with the Affordable Care Act. Until recently, one of the more draconian ones facing small businesses was thought to be the Oct. 1, 2013, deadline for notifying employees about the individual health insurance mandate that is scheduled for Jan. 1, 2014, and the health care exchanges. A business with at least one employee and $500,000 in revenue is required to notify its employees under the notification mandate. Satisfying the requirement is relatively painless, but the penalty for failing to do so, it was thought, is not.
A number of news organizations reported that failure to provide these notices to employees by the October 1 deadline could result in a $100-per-day fine, which is imposed by the general penalty provision in the ACA. Thankfully, such is not the case, according to Barbara Weltman, author of J.K. Lasser’s Small Business Taxes.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access