Category Archives: Taxation
Small Business Health Care Tax Credit: New IRS Guidelines
In late December the IRS issued more guidelines on the Small Business Health Care Tax Credit. Beginning with the 2010 taxable year, eligible small employers that offer health insurance coverage to their employees may qualify for a tax credit of up to 35% of the non-elective contributions they, the employer, make toward premium cost. The [...]
Miscellaneous Benefit Notes – PPACA, Obamacare
Here are some mini-items that may be of interest to you: Taxation of Employee’s Domestic Partner’s Health Care As reported in EBIA, both the FICA and FUTA regulations say that an employee’s dependents “include the employee’s husband or wife, children, and any other members of the employee’s immediate family.” According to the CCA (IRS – [...]
Tax Credit for Small Employers
Color me confused. There’s a tax credit under the new health “reform” law. Basically it says that you can claim a tax credit in tax years starting this year if you pay for at least one-half of the cost of health insurance premiums for the coverage of your participating employees. But only if you have [...]
Taxation of Health Benefits for Non-dependent Children
The government is desperate for money… understandably, as they’ve spent far more of it than they have. For some time a few folks have been concerned that the Feds would rule that any member insured under an employee’s plan who is not recognized under Federal statutes as being a dependent would be taxed on the [...]
Is Big Brother Finally Here? For Small Businesses, the Answer is "Yes"
Welcome to 1984, Mr./Ms. Small Businessowner. Betcha didn’t know that, buried deep in the 2,409 pages that masquerades as health care “reform,” there’s an onerous requirement that will cost you thousands in extra administrative work. Today you have to file a 1099 for any non-employee to whom you pay more than $600 a year. Starting [...]