ARE YOU A SMALL BUSINESS?
Did you know that you could claim a Small Business Health Care Tax Credit if you have fewer than 25 full-time equivalent employees? The amount of the credit works on a sliding scale, the smaller the business or charity, the bigger the credit. The maximum credit is 50% of premiums paid for small business employers and 35% of premiums paid for small tax-exempt employers.

If your employee count is fewer than 25 and you are interested in learning more about the Small Business Health Care Tax Credit, please contact me.
DO YOU OFFER YOUR EMPLOYEES MEDICAL BENEFITS?
The Affordable Care Act has implemented several rules and regulations that can lead to costly fines and penalties if not followed correctly. Listed below is a few requirements, regardless if you are a large or small employer. For a detailed/full list, please contact our office.

    • Summary of Benefit & Coverage (SBC) must be distributed prior to any enrollment period and to all new hires, upon participant request, within 90 days following special enrollment period and following changes made to the SBC. An SBC must be provided for each benefit package. $1000 per willful failure and possible additional penalties of $100 per day, per affected participant.
    • Employee waiting periods for new hire benefits are limited to 90 days.
    • Exchange Notice must be furnished to all new employees within 14 days of start date, regardless if full time status or waiving Employer Benefits.
    • If you offer a self insured plan, you are responsible for filing tax forms 1095B and 1094B
    ARE YOU ARE LARGE EMPLOYER?
    2015 brought many changes for large employers, if you have 100 full time employees, the ACA required Employers to offer insurance to at least 70% of the FTEs in 2015 and it increases to 95% in 2016. Employers with 50 or more full time employees are required to offer insurance to 70% of the FTEs in 2016 and will increase to 95% in 2017. Below is a partial list of requirements for large employers, for a full/detailed list, please contact our office.
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