Closing Tax Season 2015
Automatic Tax Extensions:
Are you still hustling to get your taxes completed? Contact SBCC to file for an automatic e filed extension by April 15th. Still unsure as to what to have for tax preparation? By clicking on my website, choose "What to Have" under the "Firm" link header to begin the process. Collect only what applies to you.
Affordable Health Care Act:
Will you have to pay a fee? Are you exempt? What is the Minimum Essential Coverage (MEC)? What are the employer responsibilities. These are some of the basic questions both businesses and individuals have. Here are a few pointers to note:
For individuals to meet MEC you must have an:
Employer sponsored coverage
Individual coverage ( e.g. through the Health Insurance Marketplace) or a ,
Government sponsored coverage
Businesses:
What are the Employer Shared Responsibility provisions?
For 2015 and after, employers employing at least a certain number of employees (generally 50 full-time employees or a combination of full-time and part-time employees that is equivalent to 50 full-time employees) will be subject to the Employer Shared Responsibility provisions under section 4980H of the Internal Revenue Code (added to the Code by the Affordable Care Act). As defined by the statute, a full-time employee is an individual employed on average at least 30 hours of service per week. An employer that meets the 50 full-time employee threshold is referred to as an applicable large employer.
Under the Employer Shared Responsibility provisions, if these employers do not offer affordable health coverage that provides a minimum level of coverage to their full-time employees (and their dependents), the employer may be subject to an Employer Shared Responsibility payment if at least one of its full-time employees receives a premium tax credit for purchasing individual coverage on one of the new Affordable Insurance Exchanges, also called a Health Insurance Marketplace (Marketplace).
When do the Employer Shared Responsibility provisions go into effect?
The Employer Shared Responsibility provisions generally are not effective until Jan. 1, 2015, meaning that no Employer Shared Responsibility payments will be assessed for 2014. Employers will use information about the number of employees they employ and their hours of service during 2014 to determine whether they employ enough employees to be an applicable large employer for 2015.
source: irs.gov
Free 30 Minute Consultation:
SBCC offers free 30 minute accounting and bookkeeping consultations.
Consultations include a customized software recommendation, and quote for services.
