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.
“This is one area we can help our members become aware and protect their business”, states EDA’s staff attorney Natalie Higgins. EDA has just completed negotiations with Total Administrative Services Corporation (TASC) to offer ACA compliance services to EDA members at a significantly discounted rate. TASC’s programs are being offered through one of their largest national benefit consultant representatives, Visor, Inc. Visor can help members immediately identify compliance weaknesses and select the correct service module. Visor’s President, Bill Hill, explained that TASC is one of the few compliance companies in the country that will offer an audit guarantee and hold clients harmless in the event of an audit as long as the client follows TASC’s established guidelines.
Members should take a few moments to review current notification requirements. For a quick check, email email@example.com with ERISA in the subject line and Visor will send a publication from the Department of Labor listing all the notifications required when you offer a group health insurance plan. Many of the required notifications must be completed by the end of the year. Dealers are encouraged to ask for the publication. More information can also be found at www.erisaweb.com.
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.
AEM Senior Vice President Charlie O'Brien noted that many of these tractors are going into small-acre farms and the livestock sector, where economic conditions have been more favorable compared to row crop operations.
Meanwhile, sales in the two-wheel drive 100-horsepower and above category dropped 29.5 percent for the month when compared to October of last year, resulting in an overall reduction of 23 percent year-to-date.
Four-wheel drive tractors were likewise down 22.9 percent for the month, bringing the year-to-date decline to 42 percent.
Combines also continued to show a dramatic reduction from last year, down almost 20 percent. This is the same percentage drop in sales as last month, resulting in a year to date drop of 35 percent. Source: AEM
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.