Watchlist for tax preparers: 2015 small business health plans

Posted 5 CommentsPosted in Health Insurance, Small Business, Taxes

2015 brought dramatic changes to the way that small business health benefits are handled for wage and income tax reporting purposes. Harsh new penalties now apply to small businesses who may still be unaware of the new rules. Until recently many accountants believed that we would see relief provisions to these laws since so many small employers […]

The proper way for S corporations to report health benefits of shareholders

Posted Leave a commentPosted in Accounting, Employee Benefits, Health Insurance, Small Business, Taxes

U.S. federal tax law differentiates the tax accounting methods for employee health benefits from the treatment of self-employed individuals. Operators of small businesses organized as S corporations under state law are considered to the self-employed for income tax reporting but are typically also employees of the S corporation. Employer paid health benefits are most commonly […]

Health insurance for 2016 brings unwelcome change

Posted Leave a commentPosted in Health Insurance

The health insurance market offers few choices, higher rates and more paperwork for Pennsylvania’s individuals and small businesses in 2016. Prices for individual and small group health insurance plans are rising significantly for most Pennsylvanians next year. Highmark plans offered through the Health Insurance Marketplace will have the largest price increases, some as high as […]

Avoidable small business taxes in 2015

Posted 1 CommentPosted in Employee Benefits, Health Insurance, Small Business, Taxes

Small business owners know that some taxes are unavoidable. Taxes are the price we pay to live and work in this society. Yet other taxes are simply the result of sloppy management or failing to keep up with changes in the tax law. It is this latter category of small business taxes that is grabbing most of my attention […]