The Pa'ent Protec'on and Affordable Care Act. Bill Po5er, Senior Tax Director

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1 The Pa'ent Protec'on and Affordable Care Act Bill Po5er, Senior Tax Director

2 Determination of FTE in a Controlled Group Businesses organized in multiple forms may be considered as a single employer Controlled groups can be parentsubsidiary, brother-sister, combinations or affiliated service groups

3 Parent - Subsidiary Controlled Group Control exists if parent owns 80% of the subsidiary Could involve multiple subsidiaries

4 Brother Sister Controlled Group Where the same five or fewer individuals own 80% of the related entities, AND Effectively control more than 50% (identical ownership) Attribution o Family Members spouse, children, grandchildren, parents o Partner to Partner o Estates and Trusts and Beneficiaries o Corporations and Shareholders

5 Example Percentage of Ownership Member A Corp B LLC Effec've A 80% 20% 20% B 10% 50% 10% C 5% 15% 5% D 5% 15% 5% Total 100% 100% 40% The four owners have more than 80% of A and B, so that requirement is satisfied. But identical ownership is only 40% so they fail the 50% test. They are two separate employees

6 Affiliated Service Groups Subjective determination Related entities may or may not have ownership relationships Performing services to or on behalf of the other entity, and when capital is not a material income producing factor

7 Expansion of Coverage Individual Mandate Individual Mandate o With limited exceptions, ALL individuals must maintain minimum essential coverage or pay a penalty. Government provided coverage Employer sponsored coverage Exchange coverage. Exemption from mandate o if required contribution to purchase insurance exceeds 8% of household income. o Religious objection o American Indians o Incarcerated Individuals o Those with incomes below the tax filing threshold

8 Expansion of Coverage Individual Mandate Penalty amount is the lesser of a flat dollar amount of percentage of income. o 2014: $95 or 1% of household income o 2015: $325 or 2% of household income o 2016 and later: $695 or 2.5% of household income

9 Large Employer Penalties Effective in 2014 for employers with at least 50 full time employees Large employer must offer full time employees (FTE) and their dependents the opportunity to enroll in minimum essential coverage under an eligible employer sponsored plan FTE must generally not be asked to pay more than 9.5% of their modified household income for coverage Exceptions for new employees

10 Penalty for Non-Compliance Employer not offering coverage Employer offering coverage whose employee receives a credit

11 Employers Not Offering Coverage Such employers are subject to a penalty if one or more FTE is certified to the employer as being covered by an Exchange and received a premium tax credit Penalty for any month is an amount equal to the number of FTE s in excess of 30 times 1/12 th of $2,000 Regardless of the number of FTE s who are enrolled in the Exchange and received a premium credit

12 Employers Offering Coverage Some employers who offer health insurance coverage to FTE s may be subject to a penalty Penalty can apply based on the number of FTE s who purchase coverage through an Exchange and receive a credit or costsharing reduction

13 Expansion of Medicare Taxes (2013) Employee portion of Medicare tax increased by 0.9% Applies to wages or self-employment income in excess of $200,000 ($250,000 in the case of a joint return, $125,000 in the case of a married taxpayer filing separately). The additional Medicare tax increases the employee portion to 2.35% or a total Medicare rate of 3.8%. Employer has the obligation to withhold the additional tax on wages (without regard to spouse s wages) if its employee earns more than $200,000; Employee is liable to the extent not withheld by employer. Self-employed are not allowed a deduction for ½ of the additional 0.9% tax.

14 Expansion of Medicare Taxes (2013) Individuals, estates and trusts required to pay 3.8% tax on net investment income such as interest, dividends, annuities, royalties, rents, capital gains and income from passive activities. Applies to the income in excess of $250,000 for joint returns, $125,000 for married filing separate and $200,000 for all others

15 Thank You William C. Potter Senior Tax Director Office:

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