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Most Americans must have health insurance or face a tax penalty. That help comes in two forms: premium tax credits and cost-sharing subsidies. And finally, you’re not eligible if you file a “Married Filing Separately” tax return, or if you are claimed as a dependent by another person. Why should you care?
million people were victims of identity theft in 2014. Some insurancecarriers are now also offering identity protection services to their customers at no additional cost. Are Identity Theft Protection Services Tax Deductible? The Bureau of Justice Statistics estimates that 17.6 See Announcement 2016-02.)
10, 2014, the federal government announced yet another delay to the employer shared responsibility (“Play or Pay”) provisions of the Affordable Care Act. 1, 2014, or pay a penalty. Your business should be tracking hours worked by all employees in 2014 for analysis of your “applicable large employer” status and responsibilities.
Though the employer mandate provisions of the Affordable Care Act have been delayed, health care insurance costs, taxes and fees are expected to continue to climb. Postponing your decision to provide health care insurance could prove to be very costly for your business. Use a health insurance broker.
What carriers or third-party administrator (TPA) does the PEO use? If health benefits are provided under a fully-insured, PEO-sponsored plan, you will want to make sure the PEO’s insurancecarriers are reputable and provide coverage in the areas where you have employees. Are you a CPEO?
In 2014, legislation passed that authorized the Internal Revenue Service (IRS) to develop a program for Certified Professional Employer Organizations (CPEOs). Managing insurancecarrier relationships. million to 3.7 Notable PEO Statistics. PEOs were positioned to provide stability during a challenging time.
The ARPA also allows the employer, insurer, or multiemployer plan sponsor who subsided the premiums to offset the cost by claiming a new federal tax credit. The subsidy is tax-free to the individual receiving the subsidy. Tax Credit. Below is a summary of the ARPA’s COBRA subsidy provisions.
Factors used to calculate premium rates for small businesses changed on New Year’s Day 2014. Before the ACA, insurers in various states used age rating bands of up to 8:1 to spread premium costs over a range of age groups. 1, 2014, the age rating band can be no more than 3:1 anywhere in the country. Family size. Geographic area.
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