Laurie Wolinski, Extension Agent; lgw@udel.edu
The article at the link below, written by Marc Lovell of the University of Illinois, nicely summarizes many of the important aspects of the ACA that farmers with employees should be aware of – in order to know how the ACA may affect them, their employees and their business. In 2015, farms with 100 or more employees will be subject to penalty or providing coverage, in 2016 farms with 50 – 99 employees will be subject to penalty or providing coverage. And, there is some math to do in figuring out just how many employees you have in your business. As is the case many times, and with ACA, there are exceptions to the rule. Your tax advisor should be able to help you in terms of what your business is responsible for to avoid a penalty. Many small farmers may not be affected by this Act due to the number of employees they have during a year, but might consider browsing this article to be sure.
When reading about the ACA, you may come across new acronyms and terms that you’ll need to remember. Here are a few: ALE – applicable large employer; FTE – full-time equivalent; MEC – minimum essential coverage. These terms are further defined in the article below.
http://farmdocdaily.illinois.edu/2014/08/your-farm-business-and-the-affordable-care-act.html