The Affordable Care Act and Defense of Marriage Act
Part 1 of 10 Topics for Businesses to Keep an Eye on in 2014
Staying up to date with legislative and regulatory changes can be challenging for a business owner. One simple modification can significantly affect important decisions you have to make. To make it easier, Paychex has identified ten topics to keep an eye on in 2014. This video is part one of the series, covering the Affordable Care Act and Defense of Marriage Act, or DOMA.
If you are a small business owner offering insurance to your employees, you should know of certain requirements that take effect in 2014. While there have been delays to portions of the Affordable Care Act, employers need to determine their status and track employee hours starting this year. This video also describes the small business tax credit available for employers that offer health insurance.
DOMA is having its own impact on small businesses. Since the ruling to include same-gender spouses in the federal definition of marriage, we have seen ripple effects on federal and employment laws. Additionally, those whose legal status changed may be able to claim refunds and/or request adjustments from FICA tax overpayment. Even some employers may be entitled to a federal refund.
Watch this video for more about the Affordable Care Act and DOMA. Then watch our related videos for the rest of the ten topics to watch in 2014.