“Watcha gonna do?” – Tax professionals look at ACA compliance

Posted on Leave a commentPosted in Employee Benefits, Small Business, Taxes

How should a tax preparer handle suspected ACA penalties for small businesses? This post is inspired by the recent frustration expressed by an accountant who is a Facebook friend. My friend commented on one of my posts that even after a substantial investment of his time to learn and apply provisions of the Affordable Care act, […]

Watchlist for tax preparers: 2015 small business health plans

Posted on 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 […]

Tax planning for small business excise tax penalties under IRC 4980D

Posted on 2 CommentsPosted in Employee Benefits, Small Business, Taxes

Tax professionals are looking for the best way to approach clients in this environment of uncertainty surrounding new excise taxes for small business health plans. The excise tax affects two types of plans: 1) those that use individual health insurance, and 2) those that reimburse employee out-of-pocket expenses (often called an “HRA”). Those who say […]