The Internal Revenue Service (IRS) has extended the reporting deadlines for health care information required under the Affordable Care Act (ACA). Insurance companies, self-insuring employers, large companies and other coverage providers were originally required to provide enrollment and coverage information to the IRS this month. But the IRS, while still encouraging the filing of information returns immediately, has moved the deadline for several categories. Continue reading
Almost every business in the United States is facing an October 1, 2013 deadline for notifying all employees about the new public health insurance exchanges. The notification must go to all full-time and part-time employees, regardless of their benefits status. The notification is required even for those businesses that are not required to provide healthcare coverage!
This requirement of notification is part of the Patient Protection and Affordable Care Act (commonly known as “Obamacare”) and applies to all businesses regulated by the Fair Labor Standards Act. This includes companies with at least one employee and with annual revenues of $500,000 or more. Continue reading
Health Savings Accounts (HSAs) started as a good idea that got better, thanks to changes in the law made a few years after these accounts were first created. The innovative plans allow individuals and businesses to pay for out-of-pocket health expenses at a lower cost in many cases. Take a look at how HSAs work and how the current rules might favorably affect your business.
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Can you deduct the cost of a face lift? How about “Lasik” eye surgery? Some of the procedures that pass muster with the IRS may surprise you. Take a look at a chart with eligible and not eligible medical expenses. There are some unusual qualified expenses that might allow you to get a tax break. Read the full article here.