Zinser Benefit Service - Small Business Insurance

Individual Insurance, Group Insurance and Employee Benefits, small business insurance

Silver Oak Form CRS

Health Care Reform

Employers W-2 Reporting Requirement

· · Leave a Comment

This piece of health care reform continues to change constantly.  United Health Care released some news on this just this week –

“Employers will be responsible for reporting to employees the total cost of their group health benefit plan coverage on their W-2 forms under the Patient Protection and Affordable Care Act. The reporting requirements are expected to apply to the 2012 W-2 forms, which is information employers must report to employees in January 2013.

This requirement is informational only and does not mean that employer-provided coverage will become taxable. Employers filing fewer than 250 W-2 forms in 2011 will not be required to report the cost of coverage on any forms furnished to employees before January 2014.”

Stay tuned, I’m sure it will change again!

1099 Repeal Bill Passes Senate

· · Leave a Comment

Today President Obama signed stand-alone legislation that would repeal the 1099 tax reporting requirement for businesses included in the Affordable Care Act (or the health care reform law). This reporting requirement would have required businesses to file a 1099 form with the Internal Revenue Service every time they spent more than $600 a year with another business – greatly increasing the burden on businesses.

Here’s the news link from Bloomberg below

 

http://www.bloomberg.com/news/2011-04-14/obama-signs-law-repealing-business-tax-reporting-mandate-1-.html

 

 

Small Business Tax Credit

· · Leave a Comment

Small Group Tax Credit

With April 15th right around the corner, here’s some information about the Small Business Tax Credit that is available to employers that have fewer than 25 full-time equivalent employees. This tax credit is available to employers that maintained a “qualifying arrangement” under which the employer pays a certain percentage of the premiums (generally a minimum of 50%) for each employee enrolled in the employer’s health plan. The logic behind this credit is that it encourages employers to continue to offer a group medical insurance plan, instead of dropping coverage altogether. This was included in the Patient Protection and Affordable Care Act of 2010. If you have questions or would like more information, please contact us. If your accountant or CPA has any questions about this, please feel free to have them contact us as well.

 

Request a Quote

Call (502) 245-6674 for more information or Request a Quote online.