The Rea Report Fall 2015

Volume 15 | Issue 4 | Fall 2015 welcome to Blog: deardrebit.com Podcast: reacpa.com/podcast MAKE OR FACE OBAMACARE SEES ANOTHER An accounting PODCAST with PERSONALITY For those of you who can’t survive your commute or a workout without a great podcast blasting from your earbuds, we’ve got great news! Rea has a new podcast, and you’re really going to like it. “Unsuitable” is a unique financial services and business advisory show that challenges your old-school business practices and the traditional business suit culture. You will hear from industry professionals who think  beyond the suit and tie to offer meaningful, modern solutions to help enhance your organization’s growth and help you become a more effective leader. In short: it’s not your grandpa’s accounting podcast. Each week, you’ll find a new 20-minute episode that’s packed with sound financial and business advice through simple conversation … and maybe a little bit of banter, too. So loosen your tie and join host Mark Van Benschoten, CPA, CGMA, principal (Dublin office) and his guests on “Unsuitable.” Check us out on iTunes, SoundCloud or at www.reacpa.com/podcast. We’d love to hear what you think! Leave a review on iTunes or email your feedback to rea.news@reacpa.com. M SHAKE-UP any things have changed over the last few years with regard to the Affordable Care Act (ACA). The ACA has gone through its ups and downs, legal challenges and delays in implementation, but now most of the requirements are live, including a couple big changes that you need to act on … fast. Tackle the 1095-C – like, yesterday By Joe Popp, JD, LLM, tax manager (Dublin office) If you have more than 50 employees, you are now required to file form 1095-C with the IRS in early 2016, with forms due to employees by Jan. 31. This form will be used to prove the availability of insurance offered to employees, and determine whether you’ll be hit with a pay-orplay penalty. Think of the 1095-C like a W-2, but for health insurance instead of wages. It’s not optional … and just like with a W-2, if you fail to comply, you will face per-employee penalties. You may already have someone handling this reporting for you, either internally or externally. If that’s the case, check in with them and make sure everything is on track for January. If not … drop everything and take care of this responsibility immediately. You don’t have time to waste. The clock is ticking – filings are due soon, and you may find yourself unable to secure a third-party provider. In fact, the top payroll companies are already booked to capacity, with wait lists that are growing by the day. If you haven’t secured a provider, consider consulting an advisor who can help generate data points for the form – which can be the most time-consuming aspect of the process. Once you’ve compiled this data on all of your employees continued on page 2 >>>