Category Archives: Employees & Team

Employers prepare for employer mandate and Code Sec. 6056 reporting

As January 1, 2015 draws closer, many employers are gearing up for the “employer mandate” under the Affordable Care Act. For 2015, there is special transition relief for mid-size employers. Small employers (employers with fewer than 50 full-time employees, including full-time equivalent employees) are always exempt from the employer mandate...
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Employers get first look at health insurance information reporting

Since passage of the Affordable Care Act, several key requirements for employers have been delayed, including reporting of health coverage offered to employees, known as Code Sec. 6056 reporting. As 2015 nears, and the prospects of further delay appear unlikely, employers and the IRS are preparing for the filing of...
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How do I? As an employer, report health insurance coverage?

One of the most complex, if not the most complex, provisions of the Patient Protection and Affordable Care Act is the employer shared responsibility requirement (the so-called “employer mandate”) and related reporting of health insurance coverage. Since passage of the Affordable Care Act in 2010, the Obama administration has twice...
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Reimbursements to Employees for Health Insurance That They Purchase May Now Be Taxable Wages

Recent IRS interpretation of the ACA or Obama Care rules:  Reimbursements to Employees for Health Insurance That They Purchase May Now Be Taxable Wages Old Law:   In 1961 the IRS ruled that an employer’s reimbursement of employees for health insurance policies of the employee’s own choosing (and which the...
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IRS issues new rules on small employer health insurance credit

Small employers will be able to purchase health insurance for their employees for 2014 and subsequent years, having small employer health insurance now through Small Business Health Options Program (SHOP) Marketplaces. Many of these small employers may also be eligible for the Code Sec. 45R tax credit that helps to...
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FAQ: To what extent are business meals deductible?

To what extent are business meals deductible?  A business can deduct only ordinary and necessary expenses. Further, the amount allowable as a deduction for business meal and entertainment expenses, whether incurred in-town or out-of-town is generally limited to 50 percent of the expenses. (A special exception that raises the level...
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Failure To Implement (FTI): How to beat the curse of great ideas that never come to fruition

Business ideas. You have literally hundreds of them.  They come up while you’re talking with the management team, or one of your employees, or even at home with the family.  Late at night when you’re working on a last minute project.  At a conference or seminar.  On a plane.  In...
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