What the Affordable Care Act Means for Businesses

By: Cristina Pfeffer Email
By: Cristina Pfeffer Email

Tax time is here and a lot of businesses have questions about what they're required to offer under the Affordable Care Act.

The biggest question CPA’s say they're getting is whether or not it is beneficial for employers to provide health insurance to their employees.

"That part of the law doesn't go into effect until Jan. 1, 2015,” said Ted Kirchharr, Vice President of Landrum. “Right now the requirements offered coverage isn't a requirement of the law. So employers have a few more months to adjust to it and react to it and make a decision if they will offer coverage or not."

Under Obamacare, business owners with more than 50 employees must provide them with health insurance.

The reality is the requirement may keep small businesses from growing, or could lead others to lay off workers.

"If a restaurant or successful lounge wants to hire more employees they are now looking at it twice,” said Stephen Riggs, CPA for Carr, Riggs and Ingram, LLC. “It used to be you would just keep going and hire employees, but if you are in a certain range but now hiring that extra employee could be draconian to you."

Kirchharr hopes Friday’s discussion will make the new law less confusing, to both the CPA’s and their clients.

The Florida Institute of CPA’s sponsored Friday’s presentation.

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