BY Catherine Clifford | July 3, 2013
If you were struggling to get your business ready for the impending health-care reform, you just got a one-year extension.
The Obama Administration announced that it will delay collecting fines on the employer mandate for businesses with 50 or more full-time or full-time equivalent employees until 2015, according to a blog post on the U.S. Treasury Department’s website. Before this announcement, businesses would have been required to offer their employees health coverage or face an annual penalty of at least $2,000 per employee starting in 2014.
The Obama Administration has had conversations with businesses about the implementation of the Affordable Care Act, says Mark J. Mazur, the assistant secretary for tax policy at the U.S. Department of the Treasury in the blog post, and many businesses expressed concern over the fast-approaching deadlines. “We have listened to your feedback. And we are taking action,” says Mazur. More details on the delay of the law will be released in the coming week, he says.