The requirement that businesses provide their workers with health insurance or face fines – a key provision contained in President Obama’s sweeping health care law – will be delayed by one year, the Treasury Department said Tuesday.
The postponement came after business owners expressed concerns about the complexity of the law’s reporting requirements and some viewed it to be a potential job killer in an already struggling economy. Under the Affordable Care Act, businesses employing 50 or more full-time workers that don’t provide them health insurance will be penalized. The extra year before the requirements go into effect will allow the government more time to assess ways to simplify the reporting process for businesses.
For Complete Story
- California Tax Updates for July 2nd
- Some People Are Required To Return Economic Impact Payments That Were Sent Erroneously
- Haven’t Filed Your 2019 Business Tax Return Yet? There May Be Ways To Chip Away At Your Bill
- SBA Reopens EIDL Program To Small Businesses And Nonprofits
- California Tax Updates for June 25
401k 2018 2019 agi benefits business CA california cares act charity community company contributions coronavirus covid 19 covid19 cpa credit deadline deduction deductions disaster employee employer expense expenses extension filing ftb income ira irs Linkenheimer medical planning relief retirement santa rosa sonoma county strategy tax tax deadline taxes tax planning tcja