Category Archives: Affordable Care Act

Get automated help to understand Affordable Care Act penalties

The Taxpayer Advocate Service website has an automated tool to help you understand how the employer penalties put in place by the Affordable Care Act (ACA) apply to your business. The “estimator” will help you determine how many full-time employees you have, whether you’re an applicable large employer, and what responsibilities your business has under ACA rules. Contact us at… (more…)

Get ready for the “Cadillac” tax

The 2010 Affordable Care Act added a 40% excise tax on high-cost employer-sponsored health insurance (sometimes called “Cadillac” plans). “High-cost” means plans with an annual cost of more than $10,200 for an individual and $27,500 for a family. Beginning in 2018, the tax applies to the amount above that limit. The tax is assessed annually, and is permanent, nondeductible, and… (more…)

Supreme Court rules on ACA subsidies

On June 25 the Supreme Court issued its ruling in the King v. Burwell case, holding that federal subsidies for health insurance could be provided whether the insurance was purchased through a state exchange or a federal exchange. Challengers to the ACA subsidies maintained that the law’s language allowed for subsidies only when insurance was purchased through a state exchange… (more…)

Health Insurance Tax Credits are Good Medicine for Small Businesses

Small businesses may be missing out on an important new tax perk related to health insurance. And the stakes are even higher in 2014. Our Bergen County CPA office offers you insight to this. The Affordable Care Act provides a tax incentive for small business owners who pay at least a portion of their employees’ health insurance. This year as… (more…)

Will You Qualify for Small Business Health Care Tax Credits?

You may qualify for employer health care tax credits if you have fewer than 25 full-time equivalent employees making an average of about $50,000 a year or less. Our Bergen County CPA office offers you insight to this. To be eligible, you must cover at least 50 percent of the cost of single (not family) health care coverage for each… (more…)

Business Update: No Penalty if You Missed October,1 Deadline

    October 1 was the original deadline for employers to provide their workers with a notice about the state health insurance exchanges created by the Affordable Care Act. Our Bergen County CPA office offers you insight to this. Failure to comply could have resulted in fines of up to $100 per day. The U.S. Department of Labor recently announced… (more…)