Car Wash - Winter 2015 - (Page 29)

The Affordable Care Act In Action PREPARING FOR REPORTING IN 2016 BY K AT HLEEN SA F I THE AFFORDABLE CARE Act (ACA) continues to roll out, and small business owners need to be sure they are prepared to meet the upcoming requirements. To prepare for 2016, businesses need to be ready to report health care coverage for the first time for calendar year 2015. "Look at your employee count, talk to a tax advisor and make sure you're doing what you need to on the W-2," said Laura Miller Andrew, partner in the Executive Compensation and Employee Benefits and Health Care Practices of Smith, Gambrell & Russell, LLP. ©WWW.ISTOCKPHOTO.COM/ASKOLD ROMANOV ARE YOU AN ALE? The ACA requirements vary depending on the size of the business, and understanding whether your business qualifies as an Applicable Large Employer (ALE) is the first step toward compliance, Andrew said. Your ALE status for the upcoming year is determined by your current-year employee information. If you have 50 fulltime employees or the equivalent in both full- and part-time employees, your business is an ALE. Determining whether your business qualifies as an ALE is "easy if you have salaried people who come to work every day and everyone works 30 hours but more complicated when you have variablehour employees. You have to track all of your employees' hours to figure out if you need to insure them," Andrew said. Under a special rule for 2015, businesses may use any consecutive six-month period during 2014 to determine whether they are an ALE, rather than being required to use all 12 months of the year. Applicable Large Employers can purchase WINTER 2015 | CAR WASH MAGAZINE | WWW.CARWASH.ORG 29 http://WWW.ISTOCKPHOTO.COM/ASKOLD http://WWW.CARWASH.ORG

Table of Contents for the Digital Edition of Car Wash - Winter 2015

Letter from the ICA
Meet the Board
By the Numbers
Overheard Online
Seven trends affecting the future workforce
Talent development and company culture
The Affordable Care Act in action: Preparing for reporting in 2016
Still stuck in traffic
Car washes in the fast lane
Car Wash Show Europe launch a huge success
Enning, Loogman inducted to Car Wash Hall of Fame
Take a Tour
If it walks like a duck and quacks like a duck…
A gentler approach to damage claims
Wash Ideas
Women in Car Wash: Linda Parker
Blast from the Past
Marketing Minute
Women in Car Wash: Mandi Brower
Ask Champ
Download It!
5 ways to build trust in a business
Top Tweets
Safety Tip
Problem Solved
Index of Advertisers
5 Things

Car Wash - Winter 2015