Affordable Care Act’s Employer Shared Responsibility Mandate
If you have more than 50 employees combined from all owned businesses, employers must comply with the requirements under the Employer Shared Responsibility Mandate (Pay or Play) provisions of the Affordable Care Act. If your business is an Applicable Large Employer the IRS requires you to send every employee a 1095 and file a 1094 form or face penalties.
The Equipment Dealers Association is working with TASC to help dealers determine whether they are impacted by the Employer Shared Responsibility Mandate and the many other ACA requirements and mandates.
For more information click here.
ACA and ERISA Compliance - Is Your Dealership at Risk?
A Must Read for Dealers Offering Health Insurance Plans!
$13 Billion. That is the amount the Federal government budgeted to collect in fines when the Affordable Care Act (ACA) was passed. If you offer your employees a health insurance plan, most employers have a false sense of security about compliance with the ACA. Unfortunately, simply offering a medical insurance plan now comes with a long list of new responsibilities and liabilities. The Department of Labor and the Internal Revenue Service know that 95% of employers offering insurance programs to employees are not providing the correct documentation to employees and the fines accumulate per day.
EDA’s November Washington, D.C. Efforts Outlined
Trip Recap on Section 179 and Bonus Depreciation
Natalie Higgins, EDA's VP of Government Relations organized a series of meetings on Capitol Hill last week to discuss the need for a multi-year extension of Section 179 and Bonus Depreciation. Natalie was joined on the trip by Nick Sinner of the Minnesota South Dakota Equipment Dealers Association and Will Rogers of the Iowa Nebraska Equipment Dealers Association. Together Natalie, Nick and Will took to the Hill for nearly twenty meetings with the members of the Senate Finance Committee as well as a several members of the House. For a full list of the team’s schedule, check out EDA’s Facebook page. A trip recap of their discussions can be read here.
Under 40-Horsepower Tractor Sales Jump in October
Sales of under 40-horsepower tractors jumped 23 percent in October compared to one year ago, providing some cheer for agricultural equipment manufacturers. Under 40-horsepower tractor sales are also up 8.1 percent for the year-to-date.
Thanksgiving Holiday - Office Closure
The Equipment Dealers Association will be closed on Thursday, November 26th and Friday, November 27th in observance of Thanksgiving. We hope you are able to take some time to enjoy time with friends and family and reflect on the blessings in our lives. Our office will resume business on Monday, November 30th.