Oil and Gas Companies: 2014 Health Care Reform Impact

Several provisions of the Patient Protection and Affordable Care Act (PPACA) going into effect in 2014 will impact employers throughout the country. Compliance for oil and gas employers, specifically, raises special concerns. Requirements for individual oil and gas companies will vary largely based on workforce factors such as:

• Employees working in multiple states
• Number of full-time, variable-hour, seasonal or part-time employees
• Length of time employees are on payroll
• Employee household income

The upcoming changes mean employers must prepare for compliance now. Failure to comply could result in excise tax penalties.

The AICPA Tax Adviser article, Health Care Reform and Its Impact in 2014 for Oil and Gas Companies, reviews the impact in further depth, covering the small employer health insurance credit, applicable large employer assessable payments, effect of an employee’s wages and household income, and preparing for 2014 and continual compliance.