By October 1, 2013, employers are required to provide written notices to all existing employees — regardless of benefit enrollment status or full- or part-time status — about health coverage options, including notification about federal and state health insurance marketplaces. Employers can send the notices by mail or electronically. Thereafter, an employer will have 14 days from the employee's start date to provide a notice to each newly hired employee. This health care reform requirement applies to hospitals, schools, certain residential institutions, and government agencies, as well as any employer that is engaged in interstate commerce or an employer with at least $500,000 of business per year. The Department of Labor has provided model notices for employers who do not offer insurance as well as for employers who offer coverage to some or all employees.
Tax Professional Partner ACA Webinar Invitation
NO CE CREDITS
IRS ACA Virtual Town Hall Presentation on Marketplace Tax Provisions affecting Individuals & Families in 2014
To register for this event, use one of the following links
(Note: All sessions will cover the same materials; you only need to register for one event.)
NO CE CREDITS
Session 2 December 11, 2013 / 1:30 PM - 3:00 PM (Eastern Time)
Session 2 Link : https://events.na.collabserv.com/register.php?id=689f631fee&l=en-US
Session 3 December 17, 2013 / 1:30 PM - 3:00 PM (Eastern Time)
Session 3 Link : https://events.na.collabserv.com/register.php?id=fc53125371&l=en-US
Session 4 December 18, 2013 / 1:30 PM - 3:00 PM (Eastern Time)
If clicking a link (above) does not work, please copy the entire link and paste it into your Web browser
20 Tax Tips for Small Businesses
Just in time for year-end tax planning for your small business client the principals at the Kogod School of Business have developed a checklist of items to review with your business clients. NSTP has partnered with the Kogod School of Business at American University to provide timely tax research and information for our members. The authors; Donald Williamson, a CPA, attorney and professor, has served as director of the Master of Science in Taxation degree program at American University's Kogod School of Business for more than 25 years, and David Kautter, a CPA and attorney, serves as executive-in-residence in the Department of Accounting and Taxation at the Kogod School of Business.
The Internal Revenue Service has sent letters to thousands of small-business owners recently, questioning whether they underpaid their taxes last year. Titled "Notification of Possible Income Underreporting," the letters were mailed this summer requesting that the business owner review and confirm that they accurately reported the income on their 2012 tax returns. In response to this action by the IRS, American University professors Donald Williamson and David Kautter have created a list of "Tax Best Practices for Small Businesses," a checklist designed to help small business entrepreneurs stay up to date on all tax-related issues, and away from the scrutiny of the IRS.
Here's what they recommend small-business owners should do:
Healthcare Provisions for the Small Business Owner
This article is not intended to provide insurance advice but to provide information on the services that will be available when the Marketplace opens for business on October 1st. The deadline for implementation of the Affordable Care Act (ACA) is quickly approaching and includes mandates for both individuals and businesses. This week, we will focus on those provisions for the business owner.
Click on headlines below to open article.
Even though the open enrollment will not start until October 1, 2013, you can set up your Marketplace account now at HealthCare.gov. There is a six month open enrollment period which begins on October 1, 2013 and ends March 31, 2014. Coverage starts on January 1, 2014. A phone number for questions has been established 24 hours a day, 7 days a week. Call 800-318-2596 and TTY users should call 855-889-4325.
Your account can be set up with three quick, easy steps:
- Provide basic information such as name, address and email
- Choose a user name and password
- Create security questions for extra protection on your account
If you are a small business owner the Small Business Health Options Program (SHOP) has been established to assist the business owners provide health insurance for their employees. SHOP is a new program that simplifies the process of buying health insurance for your small business
For 2014, the SHOP Marketplace is open to employers with 50 or fewer full-time-equivalent employees (FTEs). The advantages of using SHOP include:
- Control the coverage that is offered and how much is paid toward employee premiums.
- A comparison of the health plans is available online on an apples-to-apples basis, which helps with the decision of what is right for your business. With one online application, on your own or with the help of an agent, broker, or other assister, you can compare price, coverage, and quality of plans in a way that's easy to understand.
- The business may qualify for a small business health care tax credit worth up to 50% of the health insurance premium costs. A deduction from your taxes is available for the rest of the premium costs not covered by the tax credit. Beginning 2014 the tax credit is available only for plans purchased through SHOP.
- There will be a SHOP Marketplace in each state. The business must have an office or employee work site within the SHOP's service area to use that particular SHOP. The online application will guide you to the right SHOP for you.
How to know if you qualify for the SHOP Marketplace
- In 2014, SHOP is open to employers with 50 or fewer full-time equivalent (FTE) employees. Beginning in 2016, all SHOPs will be open to employers with up to 100 FTEs: If you're self-employed with no employees, you can get coverage through the individual market Health Insurance Marketplace, but not through SHOP.
- If you plan to use SHOP, coverage must be offered to all of the full-time employees–generally those working 30 or more hours per week on average.
- In many states, at least 70% of the full-time employees must enroll in the SHOP plan. See “How many of my employees must enroll in SHOP?” on your state link.
All private health insurance plans, including those available for small businesses, offered in the Marketplace will offer the same set of essential health benefits. Essential health benefits are minimum requirements for all plans in the Marketplace. Plans may offer additional coverage. You will see exactly what each plan offers when you compare them side-by-side in the Marketplace. These essential health benefits include at least the following items and services:
- Ambulatory patient services (outpatient care you get without being admitted to a hospital)
- Emergency services
- Maternity and newborn care (care before and after your baby is born)
- Mental health and substance use disorder services, including behavioral health treatment (this includes counseling and psychotherapy)
- Prescription drugs
- Rehabilitative and habilitative services and devices (services and devices to help people with injuries, disabilities, or chronic conditions gain or recover mental and physical skills)
- Laboratory services
- Preventive and wellness services and chronic disease management
- Pediatric services