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  • Submitted on 19 May 2015

    Created on May 19, 2015
     

    EmployeesThis post originally appeared on IRS Health Care Tax Tip 2015-30

    The Affordable Care Act contains several tax provisions that affect employers. Under the ACA, the size and structure of a workforce – small, or large – helps determine which parts of the law apply to which employers.

    The number of employees an employer had during the prior year determines whether it is an applicable large employer for the current year. This is important because two provisions of the Affordable Care Act apply only to applicable large employers. These are the employer shared responsibility provision and the employer information reporting provisions for offers of minimum essential coverage.

  • Submitted on 13 April 2015

    Created on April 13, 2015
     

    1095-A, 1040 Tax formsThis year’s tax season is the first time tax filers will be asked to provide basic information regarding their health coverage on their tax returns.

    Here’s what taxpayers need to know:

    1.    Most people just need to check a box: Most tax filers – about 75 percent – will just need to check a box when they file their taxes to indicate that that everyone in their household had coverage for all of 2014. This applies to people who had health coverage through their employer, Medicare, Medicaid, among other sources.

  • Submitted on 02 March 2015

    Created on March 2, 2015
     

    ACA Tax ProvisionsSmall employers should be aware of changes to the small business health care tax credit, a provision in the Affordable Care Act that gives a tax credit to eligible small employers who provide health care to their employees.

    Beginning in 2014, there are changes to the tax credit that may affect your small business or tax-exempt organization:

    • Credit percentage increased from 35 percent to 50 percent of employer-paid premiums; for tax-exempt employers, the percentage increased from 25 percent to 35 percent.

    • Small employers may claim the credit for only two consecutive taxable years beginning in tax year 2014 and beyond.

    • For 2014, the credit is phased out beginning when average wages equal $25,400 and is fully phased out when average wages exceed $50,800. The average wage phase out is adjusted annually for inflation.

    • Generally, small employers are required to purchase a Qualified Health Plan from a Small Business Health Options Program Marketplace to be eligible to claim the credit.  Transition relief from this requirement is available to certain small employers.

  • Submitted on 10 February 2015

    Created on February 10, 2015
     

    Healthcare WebsiteAs a business owner, it’s important to understand what the new health care law means for you and how you can benefit. There are a lot of misconceptions out there, so here are the facts you should know.

    Before the Affordable Care Act (ACA), small businesses paid on average 18% more in premiums than their larger competitors for the same benefits. The ACA helps small employers by lowering premium cost growth and increasing access to quality, affordable health insurance.

  • Submitted on 06 January 2015

    Created on January 6, 2015
     

    The Department of Labor's Occupational Safety and Health Administration reminds all employers and workers of the importance of maintaining a healthy, influenza-free workplace this season and throughout the New Year.

  • Submitted on 12 December 2014

    Created on December 12, 2014
     

    Employer and EmployeesThe Affordable Care Act (ACA) contains several tax provisions that affect employers. Under the ACA, an employer’s workforce size is significant because this information determines which provisions apply. 

    The IRS is conducting an information campaign to educate taxpayers about some of the basics of the ACA. This campaign will include health care tax tips, YouTube videos and expanded ACA web pages on IRS.gov.

    Determining Workforce Size

    An employer’s size is determined by the number of its employees.

    • An employer with 50 or more full-time employees or full-time equivalents is considered an “applicable large employer,” or ALE, under the ACA.

    • For purposes of the employer shared responsibility provision, the number of employees a business has during the current year determines whether it is an ALE the following year. Employers make this calculation by averaging the number of employees they had throughout the year, which takes into account workforce fluctuations many employers experience.

  • Submitted on 10 December 2014

    Created on December 10, 2014
     

    For Employers

    Get coverage now through the SHOP Marketplace Business OwnerGetting health coverage for your small business for 2015 is easier than ever before. For the first time, you can use the SHOP Marketplace to enroll online for coverage that starts as early as January 2015. Learn more about how to enroll with this step-by-step guide.

    Here are just a few benefits of buying coverage through the SHOP Marketplace.

    • Convenience: Find, compare, select and offer your employees coverage.

    • Choice: Choose among health plans at different coverage levels to find the one that’s right for you and your employees. In some states you can offer your employees a choice among all plans at the coverage level you choose.

    • Useful information and tools: Find out if you qualify for SHOP and what the small business health care tax credit might be worth to you. Then, find and compare plans before selecting one.

    • Access to tax credits: You may qualify for a tax credit worth as much as 50% of your contribution to employee premiums when you buy coverage through the SHOP Marketplace and meet other eligibility requirements.

  • Submitted on 17 November 2014

    Created on November 18, 2014
     

    Affordable Care ActWhether you’re a small employer or a sole proprietor whose enrollment opened Nov. 15, the Small Business Health Options Program (SHOP) can help you find health coverage for yourself and your employees.  Find out how the SHOP Marketplace can help you get health coverage if you have fewer than 50 employees at: https://www.healthcare.gov/small-businesses/provide-shop-coverage/.

    If you have 50 or fewer full-time equivalent employees, the SHOP Marketplace offers you a choice of plans.  Remember that you can enroll in SHOP coverage at any time throughout the year, using an agent, broker, or insurance company that offers SHOP Qualified Health Plans.  This website will get you started: https://www.healthcare.gov/small-businesses/employers/.  

  • Submitted on 17 November 2014

    Created on November 17, 2014
     

    SHOP Marketplace is OpenTrying to find health insurance for your employees?

    Check out the Small Business Health Options Program—SHOP—part of the new Health Insurance Marketplace. The SHOP Marketplace gives you a choice of quality, private health insurance plans, information, and tools to make comparisons and choose the one that works best for your company and employees.

    In many states, you can enroll in SHOP coverage directly through an agent, broker or a health insurance company that offers a SHOP Qualified Health Plan.

    When you buy coverage through the SHOP Marketplace, you may also qualify for a tax credit worth up to 50 percent of your contributions to employee premium costs (up to 35 percent for tax-exempt employers.) Small employers have already received more than $1 billion in tax credits since this tax credit was created in 2010.

    Detailed information on the SHOP Marketplace is available at HealthCare.gov.

  • Submitted on 12 November 2014

    Created on November 12, 2014
     

    Tax Credit EstimatorIf you’re an employer who may be eligible for the Small Business Health Care Tax Credit, you can use this Estimator. The credit is designed to encourage small businesses to offer health insurance coverage for the first time or maintain coverage they already have.

    For some employers and tax-exempt organizations, this could save thousands of dollars by providing a credit against income tax (a refundable credit for certain tax-exempt organizations).

    The Estimator can help determine whether you’re eligible for the credit and if so, estimate the amount. This tool is meant to be educational. To find the actual amount, you must complete Form 8941, Credit for Small Employer Health Insurance Premiums, or consult a qualified tax professional. The Estimator also provides links to forms, instructions, and guidance to help you learn more about the Small Business Health Care Tax Credit.

 

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