Robert Flach at his “The Tax Professional” blog asks the following question regarding Affordable Care Act penalties assessed on tax returns against people who do not carry health insurance: What is our legal responsibility as tax preparers when it comes to calculating the new convoluted and potentially expensive Obamacare penalty for clients who are not […]
(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 […]
I’ll be presenting about health care reform on August 20th in Indianola.
Will Obamacare cause you to be taxed on the sale of your home? Probably not.