Five Things Small Business Owners Need To Do To Prepare For Obamacare

By Johnny Laurent, Vice President & General Manager, Sage Employer Solutions

The remaining provisions of the Affordable Care Act will soon be enacted but many small business owners are so confused about the many provisions that they don’t know where to begin. The following tips are designed to eliminate some of the guesswork and give small business owners a starting point.  As these are general guidelines, it’s always best to consult with your accountant and your attorney to ultimately determine the provisions that will specifically affect your business and how best to proceed:

1. Determine eligibility for Health Care Reform.

If you are a small business with fewer than 50 full time or full-time equivalent employees you are not required to provide health care to your employees. If you have fewer than 50 full-time or full-time equivalent employees, and you offer your employees health care coverage you may be entitled to tax credits. (see #5.)

Also note that if you are considered a large employer because part-time and seasonal employee counts put you over the 50 employee threshold but only have 40 full-time employees, you don’t have to offer coverage to your full-time employees, but you will still be subject to the reporting requirements.

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