July 17, 2015
Small employers who are not applicable large employers (less than 50 employees) should be aware that they could be subject to a $100 penalty per day, per employee if they reimburse or pay a premium for an individual health policy for its employees. Transition relief from the excise tax ended July 1.
The tax relief was originally put in place to assist small businesses in their compliance of the market reforms required by the ACA. On June 30, 2015 the assistance ended, leaving any employers who reimburse employees, or offer employer payment plans for individual health policy premiums subject to $100 per day excise tax. If an employer arrangement falls under the previously stated situations it is then considered to be a group health plan, thus making it subject to the excise tax.
There are very few employee exclusions that employers may utilize to avoid the penalty, although S-Corporations are exempt through the remainder of 2015.
You can read more at http://www.marketwatch.com/story/what-changes-to-obamacare-could-mean-for-small-business-taxes-2015-06-16 or at http://www.nfib.com/article/suranc-69940/. If you have any questions please do not hesitate to contact the office at 541.388.7888.
2019 income tax filing deadline extended
The US Treasury Secretary announced March 20, 2020 the deadline to file 2019 individual income tax returns has been extended to July 15, 2020. In a previously released statement, Oregon Department of Revenue indicated they would conform the state filing deadline with any changes made at the federal level. We will...
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It has come to our attention that at least one client has received an email appearing to be from “Steve Greer” that asks the recipient to click a link to retrieve documents. This email is a hoax and should be deleted immediately – DO NOT click on the link provided.
If you receive an email that appears suspicious, the first step you should follow...