S PONSORED BY : G UIDE S TONE F INANCIAL R ESOURCES Danny Miller Conner & Winters, LLP 1627 I Street NW, Suite 900 Washington, D.C. 20006 T HE S MALL B.

Slides:



Advertisements
Similar presentations
Small Business Health Care Tax Credit Presentation Date (January 14, 2013)
Advertisements

Hiring Incentives to Restore Employment, or H.I.R.E. Lori Cacioppo Sr. Stakeholder Liaison Date: September 29, 2010.
Berrydunn.com | GAIN CONTROL THE AFFORDABLE CARE ACT “WHAT’S IN IT FOR MY SMALL BUSINESS?” TAX CONSIDERATIONS October 9, 2014.
Berrydunn.com | GAIN CONTROL THE AFFORDABLE CARE ACT “WHAT’S IN IT FOR MY SMALL BUSINESS?” TAX CONSIDERATIONS January 21, 2014.
William E. Hardy, CPA Principal
UPDATE ON ACA. Transition Relief for 2014 The IRS issued Notice Transition Relief for 2014 regarding:  Information reporting by insurers and.
OPTION #1 OFFER GROUP COVERAGE FROM PRIVATE CARRIERS DIRECTLY  Pacific Brokers can review all available private carrier options  Fully insured  High.
1 © 2013 AFFORDABLE CARE ACT: Tax Implications for Employers August 21, 2013 Juliana Reno
State of Delaware Delaware Restaurant Association Education Symposium Health Insurance Exchanges and the Small Group Market February 21, 2012.
ACA Compliance Roundtable Series Affordability Offers of Coverage IRS Reporting Update.
Payroll.
What is the Small Business Health Options Program (SHOP)? The SHOP Marketplace is an avenue on the federal Marketplace for small businesses to purchase.
1 Employer Reporting for ACA IRS Forms. 2 Forms Supporting the Affordable Care Act Seven Forms Employer Forms: REQUIRED for all Large Employers as Defined.
The Whitlock Company WHAT HEALTH CARE REFORM MEANS FOR YOUR BUSINESS.
The Affordable Care Act What It Means for You Marcia H. Salkin Managing Director, Legislative Policy NAR Government Affairs.
Experience, Commitment, Results. Federal Health Care Reform The impact on individuals, employers, and our health insurance coverage… National Worksite.
The Health Care Law: Where Does Your Small Business Fit? Month Day, 2013.
Healthcare and Small Business Without reform small business will spend approximately $2.4 trillion on healthcare for their employees in the next decade.
Small Business Tax Credit For Small Employers Version: October 18,
Affordable Care Act Impact on Individuals, Small Employers and Non-Profits.
Small Business Tax Credit For Small Employers Version: August 23,
Health Care Reform and Employers – 2015 Timothy R. Koski Alumni Appreciation Day April 30, 2015.
This presentation is a high-level summary and for general informational purposes only. The information in this presentation is not comprehensive and does.
The Affordable Care Act: 2.0 Misty Baker office cell/text Facebook: misty merkel baker.
Opportunity for Employers Under the ACA: The Small Business Health Care Tax Credit Thank You For Joining TelePayroll’s Webinar – We Will Begin At 10:00.
Affordable Care Act: Compliance Issues for West Virginia Boards of Education ASBO May 14, 2014 Jill E. Hall, Esquire Bowles Rice LLP 600 Quarrier Street.
The Affordable Care Act’s Credits, Subsidies, Penalties and Fees This presentation is a high-level summary and for general informational purposes only.
John C. Godsoe, Esq.John J. Cureo Bond, Schoeneck & King, PLLCLawley Benefits Group LLC.
1 Implementing Health Care Reform in the Workplace Nancy E. Taylor Greenberg Traurig.
Hot Topics in Church, Christian Ministry and Personal Financial Management By Corey A. Pfaffe, CPA, PhD; September 2010 Agenda: 2010 payroll tax credit.
THE PATIENT PROTECTION AND AFFORDABLE CARE ACT. Affordable Care Act Basics Signed into law by President Obama on March 23, The Supreme Court rendered.
U.S. SUPREME COURT HEALTHCARE RULING Thomas M. Murphy One South Church Avenue, Suite 1900 Tucson, Arizona (520) (520) (fax)
©2010 LarsonAllen LLP 0 Health Care Credit for Religious Organizations Amy Hendley September 15, 2011.
Chapter 12 Preparing Payroll Time Cards. 2 L 12-1 Paying Employees page 341 Money paid for employee services is called a salary. The period covered by.
Trade Adjustment Assistance as a Model for Unemployment Insurance Reform Howard Rosen National Academy of Social Insurance January 19, 2006.
Employer Reporting Requirements under ACA By: Arthur Tacchino, JD Chief Innovation Officer SyncStream Solutions, LLC.
1 PPACA and What It Means for You! Tennessee Grocers & Convenience Store Association Convention Presented: June 14, 2013 Tiffany Downs FordHarrison LLP.
SHOP Exchange in NY Eileen Hayes- NYS Department of Financial Services.
1 Patient Protection and Affordable Care Act Cheri D. Green This Presentation is not designed or intended to provide legal or professional.
ASSOCIATION OF COUNTY ADMINISTRATORS OF ALABAMA ANNUAL CONFERENCE MAY , 2015 PERDIDO BEACH RESORT Revisiting the Affordable Care Act.
Health Care Reform: The Top 10 Things You Need to Know.
1 ©2011 Foley & Lardner LLP Attorney Advertising Prior results do not guarantee a similar outcome Models used are not clients but may be representative.
Section 2Payroll Deductions What You’ll Learn  Why deductions are calculated and reported.  How to calculate deductions required by the federal government.
Small Employer Health Insurance Credit. 2 Tax Credits to Certain Small Employers That Provide Insurance Tax credit (i.e., a dollar-for-dollar reduction.
1 Implementing Health Care Reform in the Workplace Nancy E. Taylor Greenberg Traurig April 27, 2010.
GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.1Slide 1 2.1Deductions from Gross Pay Find federal withholding tax deductions Calculate social security.
Michael Lujan, RHU May 22, 2013 How Agents Can Prepare for California's New Health Insurance Marketplace Rich Hines Covered California, SHOP Sales Director.
Transamerica’s Health-Pak A guide to successful solutions for 2014 & beyond Presented by: Cas Sharp Area Sales Manager of Health Distribution, Central.
Top Ten Steps To Prepare For Health Care Reform 1)Health Coverage- Make sure you are providing group health coverage to your employees, either directly.
Section 3Tax Liability Payments and Tax Reports What You’ll Learn  How to pay payroll tax liabilities.  Which tax reports are prepared and filed. What.
Strategies to Navigate the “Play or Pay” Tax Presented By: Arthur Tacchino, JD © 2011, National Association of Health Underwriters
Affordable Care Act Reporting Requirements Presented by: Winston Truett, CPA Partner Certified Public Accountants.
Session 3: Insurance Bonus. What we will cover An explanation of the Healthcare Reform Bill. How you will know if you will have to provide insurance to.
ACA REPORTING REQUIREMENTS Presented by Paul Mulkern.
Chapter 12 Payroll Accounting
DELAWARE TAX INSTITUTE November 20, 2015 THE AFFORDABLE CARE ACT What you need to know for 2016 Timothy J. Snyder, Esquire Y OUNG C ONAWAY S TARGATT &
The Affordable Care Act What You Need to Know for Centerville Road, Suite 300 * Wilmington, Delaware * Tax.
THE COMMONWEALTH FUND Exhibit 1. Employer Coverage Continues to Be Major Source of Coverage for Employees of Larger Firms Percent of firms offering health.
GASBO Legal Issues Update November 5, 2015 Presented by: Brian C. Smith Cory O. Kirby Harben, Hartley & Hawkins, LLP Gainesville, Georgia 1.
Health Care Reform September 18 th, Individual Marketplace O Which individuals can purchase insurance on the exchange? O Individuals who do not.
Basic Goals of Payroll System  Prepare and issue payroll checks  Produce records for accounting purposes and reporting to government and management.
Taxes and Your Paycheck Career and Financial Management 2.
Chapter 2 Net Income (page 114)
NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. Your.
The Patient Protection and Affordable Care Act – What it Means to Businesses and Individuals Linda Ialacci, CPA Horvath & Giacin, P.C. July 18, 2012.
Exhibit 2.22 Among Firms With 3-50 Full-Time Equivalents (FTEs) Offering Health Benefits Who Looked at Coverage Through a SHOP Exchange, Reasons Why They.
Small Business Tax Credit For Small Employers
Small Business Tax Credit as a Percent (Maximum of 35%) of Employer Contribution to Premiums, For-Profit Firms (2010–2013) and Nonprofit Firms (2014+)
Small Business Tax Credit as a Percent (Maximum of 50%) of Employer Contribution to Premiums, For-Profit Firms (2014+) Average Wage Firm Size Up to $25,000.
Exhibit 2.21 Among Firms With 3-50 Full-Time Equivalents (FTEs) Not Offering Health Benefits Who Looked at Coverage Through a SHOP Exchange, Reasons Why.
Presentation transcript:

S PONSORED BY : G UIDE S TONE F INANCIAL R ESOURCES Danny Miller Conner & Winters, LLP 1627 I Street NW, Suite 900 Washington, D.C T HE S MALL B USINESS H EALTHCARE T AX C REDIT M ARCH 8, 2011

S MALL E MPLOYER T AX C REDIT Qualified small employers may be eligible for a tax credit for their contributions to purchase health insurance for employees. Tax credit also available to self-insured denominational health care plans. Tax credit available beginning in 2010.

Q UALIFIED E MPLOYER “Qualified employer” – The employer must have < 25 full-time equivalent employees (FTEEs) for the tax year; The average annual wages of its employees for the year must be < $50,000 per FTEE; and The employer must maintain a “qualifying arrangement.”

E LIGIBILITY FOR T AX C REDIT “Qualifying Arrangement”: Employer must pay premiums for each employee enrolled in health care coverage offered by the employer in an amount equal to a uniform percentage (not less than 50%) of the premium cost of employee-only coverage. Special transition relief available for 2010 only – employer “deemed” to satisfy uniformity requirement if it pays at least 50% for each covered employee.

E LIGIBILITY FOR T AX C REDIT Counting Average Wages – Add up total FICA wages for all employees Pastors’ wages are not counted because pastors do not receive FICA wages. Divide total FICA wages by number of FTEEs. Note: Although pastor’s wages are not counted in determining average wages, the pastor is included in number of FTEEs. If result is not a multiple of 1,000, round down to nearest 1,000.

A MOUNT OF T AX C REDIT The maximum credit for is 25% of lesser of: –Actual cost; –Maximum costs (based on average premium for small group market in the state) – See IRS Form 8941 for list of state average premiums for small market. The credit increases to 35% for , but only for coverage purchased from an exchange. Credit phases out for employers paying average wages to employees between $25,000 and $50,000 and for employers with between 10 and 25 FTEEs.

A PPLYING FOR T AX C REDIT For tax-exempt employers, this is refundable credit applied to following payroll tax obligations: –Federal income tax withholding. –Employer and employee portions of Medicare taxes. –What if pastor is the only employee? Use Form 8941 to calculate tax credit; claim credit on Line 44f of Form 990-T. To claim tax credit for 2010, must file by 5/15/2011.

Average wage Firm size Up to $25,000$30,000$35,000$40,000$45,000$50,000 ≤ 1025%20%15%10%5%0% 1123%18%13%8%3%0% 1222%17%12%7%2%0% 1320%15%10%5%0% 1418%13%8%3%0% 1517%12%7%2%0% 1615%10%5%0% 1713%8%3%0% 1812%7%2%0% 1910%5%0% 208%3%0% 217%2%0% 225%0% 233%0% 242%0% 250% Small Business Tax Credit, Nonprofit Firms in