A refresher on the ACA’s tax penalty on individuals without health insurance

Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly called the “individual mandate.” Penalty exemptions Before we review how Continue Reading

More Adult Children Opting to Live with Parents

What's the most common living arrangement for young adults today? For the first time in 130 years, more young people ages 18 to 34 opt to live with their parents, rather than move out on their own or with a spouse or friend, according to a recent study by the not-for-profit Pew Research Center. Here's more on this trend, including possible reasons, reactions from parents and their live-in adult Continue Reading

Hiring Summer Help

Do you remember your first summer job? It doesn't matter if you were a babysitter, caddy, telemarketer or lifeguard. Your first job taught valuable lessons about responsibility and balancing work with family and friends. It also helped keep you out of trouble during the summer, instilled confidence and built up your resume. Unfortunately, the demand for summer jobs consistently outpaces the Continue Reading

Good News in the New Year: IRS Extends ACA Filing Deadlines

Employers and other organizations got some good news from the IRS for the start of the new year. The tax agency announced that it's extending the due dates for filing 2015 Affordable Care Act (ACA) information returns. This gives employers extra time to complete two tasks: 1. Provide the forms to the recipients and 2. File the forms with the IRS.   What's the Difference Between Continue Reading

Seasonal IRS Announcements: Stop To Reflect on Taxes

Now that fall has begun, it's time to start your year-end tax planning for 2015 — and to tie up loose ends that remain from the 2014 tax season. Here are some reminders that the IRS has sent out recently and related federal income tax-savings opportunities for individuals and businesses. October 15 Extension Reminder About a quarter of the 13 million taxpayers who requested an automatic Continue Reading

Reminders of ACA Changes Coming Up in 2016

Changes brought by the Affordable Care Act (ACA) continue to roll in. For affected employers, these changes could mean higher expenses and will add filing responsibilities with the IRS. Background: The ACA has a language of its own, with many new terms employers must learn. For example, "applicable large employer," or ALE, is defined as an employer having at least 50 full-time employees or the Continue Reading

Relief Ended for Small Employers Paying Workers’ Insurance Premiums

If you're a small employer — in other words, an employer that isn't an "applicable large employer" under the health care law — and you reimburse or pay premiums for individual health insurance policies for employees, be aware that you may be subject to a $100 per day per employee excise tax. This adds up to $36,500 per year. There was transition relief from this excise tax but it ended on June Continue Reading