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Affordable Care Act

UNDERSTANDING AND ADAPTING TO THE ACA


You’ve heard of the “Affordable Care Act,” but what do you really know about it? Everyone, individuals and businesses alike can benefit from developing a thorough understanding of how healthcare reform takes effect, now and in the future. 

Ketel Thorstenson, LLP (KTLLP) has designated a specialized team of CPAs and accounting professionals to facilitate understanding and guide action when it comes to adapting to changes in the American healthcare system.

AFFORDABLE CARE ACT CONSULTATION


A thorough understanding of the details behind this healthcare reform act can help you lower premium costs to your business and increase employee access to care. Properly navigating the law will help you to take advantage of the reform – instead of feeling buried by it. 

FORMS 
The Department of Labor has provided sample forms that meet all the requirements of the Patient Protection and Affordable Care Act. These forms are available in PDF format by clicking below:

OVERVIEW


The Affordable Care Act (ACA), commonly referred to as “Obamacare,” was signed into law in March of 2010. The purpose behind the ACA is to increase the quality and affordability of health insurance and lower the uninsured rate by expanding coverage. The Act itself includes many mandates, subsidies, and insurance exchanges that work toward this goal of increasing affordability and coverage. This is what the Affordable Care Act means to the individual; but what does it mean for the business world? Provisions in the ACA pose a number of challenges for U.S. businesses and organizations who offer health insurance as an employee benefit. With many different areas now affected by these provisions, the ACA has created a whole new employee healthcare environment to adapt to.
 

2018 FORM REPORTING REQUIRED


Beginning in 2015, under the Affordable Care Act, applicable large employers (ALEs) with over 50 full-time equivalent employees should be aware of the new filing requirements with the IRS. All ALEs are required to file forms 1094-C and 1095-C. Form 1095-B will be filed by employers offering health insurance to its employees. These forms will need to be provided to the companies’ full-time employees by January 31. The timing is similar to Form W-2.

For companies offering health insurance to its employees through a group plan, Form 1095-B will be prepared by the insurance company. Form 1095-B summarizes the number of months individuals were covered by a health insurance plan. It is similar to Form 1095-A which was sent out to individuals covered in 2014 on the federal or state insurance exchanges.

ALEs are required to file forms 1094-C and 1095-C. Form 1094-C is a summary form, similar to Form W-3. It is used to summarize the number of 1095-Cs filed and provide aggregate information for a controlled group.

Form 1095-C is provided to each full-time employee to whom health insurance coverage should have been offered under the ACA regardless if the employee receives the health coverage. 1095-Cs list information such as number of months the employee (and their dependents if self-insured) are covered, the lowest cost monthly premium for self-only insurance, and safe harbor code (if applicable).

The penalty for non-filing has been increased and can be as much as $500 per form.

Most software needs to be upgraded or add-on packages need to be purchased to prepare these forms. KTLLP has the ability to assist in filing forms 1094-C and 1095-C on your behalf. Please call the ACA Team with any questions.

Affordable Care Act Reporting Price Guideline!

For a custom quote please call (605) 342-5630 and ask for our ACA team.

Our Experience, Skills & Expertise.

Our KTLLP Affordable Care Act Team will assist you and your business or organization in navigating this new health insurance territory created by the ACA. By guiding you in the implementation of ACA provisions in existing employee benefits programs, we can help you take advantage of exemptions and credits, while avoiding penalties.

HAVE QUESTIONS?

WE HAVE ANSWERS. CALL TODAY.
  • Talk with a KTLLP ACA professional about what is needed for your situation.
  • We listen to your needs and goals and help plan accordingly.

KTLLP CAN HELP YOU WITH:

EVALUATING EXISTING HEALTH PLAN COVERAGE

AFFORDABLE INSURANCE EXCHANGE

EMPLOYER SHARED RESPONSIBILITY

ESSENTIAL BENEFITS

INDIVIDUAL SHARED RESPONSIBILITY

PREMIUM TAX CREDITS

SMALL BUSINESS HEALTH CARE TAX CREDITS

WELLNESS PROGRAMS

FORM REPORTING

REQUEST MORE INFORMATION

OFFERING YOU MORE

The Affordable Care Act will continue to change the way healthcare is provided in this country. With additional provisions scheduled for “phasing in” between now and the year 2020, KTLLP remains committed to easing these transitions for existing and future clients.
  • We listen to your needs and goals and help you plan accordingly
  • Because successful client relationships are built on more than codes, legislation, and paperwork
  • We’re here to be your “Friends for Life“

Contact us about our Affordable Care Act Services

Nina Braun

Partner
605-718-3571
Nina Braun

Partner

MEET NINA
Nina’s experience in the commercial audit arena commenced in 2000. She has been practicing in manufacturing, construction, retail, and various other industries ever since. Nina also has extensive experience auditing 401(k) plans. She joined KTLLP in October of 2005 after serving previously as a manager at PricewaterhouseCoopers based in the Washington, DC metro area.

EDUCATION
Master of Professional Accountancy, University of Southern California
Bachelor of Science in Finance, Georgetown University

CERTIFICATION
CPA
CFE

PROFESSIONAL

605-718-3571
Rapid City

Greg Miner

Senior Manager
(605) 716-3286
Greg Miner

Senior Manager

MEET GREG

Greg Miner is a Certified Public Accountant with 7 years of experience in taxation. He serves as a Tax Manager in the Rapid City office. His areas of specialization include: business tax returns, non-profit organizations, and employer healthcare reporting (directed by the Affordable Care Act).

EDUCATION
Master of Professional Accountancy, University of South Dakota

CERTIFICATION
CPA

PROFESSIONAL AFFILIATIONS
South Dakota CPA Society (SDCPA)
American Institute of Certified Public Accountants (AICPA)

COMMUNITY SERVICE
Rapid City Chamber

(605) 716-3286
Rapid City

Brady Larsen

Manager
605-716-3267
Brady Larsen

Manager

MEET BRADY

Brady Larsen is a Certified Public Accountant with experience in all types of tax preparation. He is a Manager in the KTLLP Tax Department. He specializes in agriculture tax and employer healthcare reporting.

EDUCATION
Bachelor of Science Degree in Economics, South Dakota State University
He also attended Black Hills State University where he pursued accounting.

CERTIFICATION
CPA

PROFESSIONAL AFFILIATIONS
South Dakota CPA Society (SDCPA)
American Institute of Certified Public Accountants (AICPA)

COMMUNITY SERVICE
Rapid City

605-716-3267
Rapid City

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