It’s a holiday week, so I’m re-publishing popular blog posts from the past. This is a timely re-post: the Patient-Centered Outcomes Trust Fund Fee is due by July 31! (*-The post below was written last year, when the fee was $1/person. The fee is now $2/person for 2014 filings.) —– Originally published July 19, 2013 […]
An insurance agent recently asked me the following question: can a small business that currently offers insurance to its employees drop the insurance and instead form a Health Reimbursement Arrangement (HRA, sometimes called a “Section 105 plan”) to reimburse employees for medical expenses? The short answer to the question is: NO. Background HRAs have existed […]
A new tax for 2013 is the 0.9% Medicare surtax, assessed on wages and self-employment income above $200,000 if single or $250,000 for a married couple. The mechanics of the surtax are for a different blog post on a different day. But in general, if a taxpayer works at a job where they receive a […]
(NOTE: This is a very, very, very basic overview of the Affordable Care Act as it relates to small businesses. I will be going into more detail in other blog posts in the months to come.) My small business clients are, universally, afraid of the Affordable Care Act. So am I. I learn new things […]
Total time spent on complying with the Patient-Centered Outcomes Trust Fund Fee: at least 32 minutes, all to pay a $3 fee.
This is a brief follow-up to my post yesterday about the Patient-Centered Outcomes Trust Fund Fee. Is the fee deductible as a business expense? The fee is technically considered to be an excise tax, because it is reported on a Form 720 (Quarterly Federal Excise Tax Return). Excise taxes are often not deductible as business expenses. […]
If your small business has an Health Reimbursement Arrangement (HRA), you probably owe a $1/employee fee because of the Affordable Care Act.
This is part 2 of my series on the small business health insurance credit. This post will discuss the basic mechanics of calculating a “full-time equivalent employee” and average wages for purposes of the credit. First, some ground rules: Owners of a business, and any employees who are family members of owner(s) don’t count as […]