What Industries Will the Baby Boomers Effect Next 03-16-2015

The boom of nearly 80 million born between 1946 and 1964 has affect America in many different ways, especially in the consumer markets.  The Baby Boomers are reaching the next stage of their lives as retirees, grandparents and mentors.  Their buying habits and consumer attitudes are changing,  but they control 70 percent of the nation's disposable income. Here are six emerging market trends that you might be able to capitalize on while you serve the Baby Boomers. We also highlight iconic Baby Boomers and popular relocation destinations for empty nesters wanting to downsize their homes. Continue reading

Tax Scams: The IRS Identifies This Year’s ‘Dirty Dozen’ Scams 03-09-2015

There are an endless number of scams that people need to look out for.  Recently, tax scams appear to be very popular for those individuals who are looking to take advantage of others and the tax system.  The IRS has released what it has identified as the most notorious tax scams of 2015. Participants in one of the IRS's "Dirty Dozen" schemes could win an IRS investigation, penalties, interest charges and even a trip to federal prison. Here is a list of the top scams and ways you can protect yourself from falling victim to one of these scams. Continue reading

Reprieve for Small Businesses with Health Premium Reimbursement Plans 03-04-2015

Good news from the IRS: If you are a small business that has been reimbursing employees the cost of buying their own health coverage, you have been granted a temporary reprieve. Previously that arrangement was deemed unacceptable and, therefore, subjected small businesses to hefty penalties. Learn what you must do by June 30 to avoid penalties. Additionally, you can find information about recent changes to the small business health care tax credit. Continue reading

Extension Made Available to Employers to File Work Opportunity Tax Credit Paperwork 03-04-2015

Employers have been provided extra time to file a form required to claim the Work Opportunity Tax Credit for eligible employees. Thanks to the IRS, employers now have until April 30, 2015 to file the required form, Form 8850, to claim this valuable tax credit for qualifying workers that were hired during 2014. This article contains details concerning the IRS relief and outlines the steps an employer must take to take advantage of this valuable opportunity. Continue reading

A Victory for Small Businesses: The IRS Simplifies Repair Regulations 03-04-2015

GREAT NEWS! A major burden on small business was lifted by the IRS. The recently published final repair regulations presented a tax filing nightmare for many small businesses. However, the IRS recently made it easier for small businesses to take advantage of the final repair regulations. Here's some background on what the regulations address and how the IRS has provided relief from some of the red tape for qualifying small businesses. Continue reading

S Corps and Partnerships: Make Sure You Avoid Failure-to-File Penalties 03-04-2015

The S corporation is a popular business structure utilized by many privately held businesses. A recent Tax Court case serves a reminder to taxpayers that there's a steep penalty for S corps (and partnerships) that fail to file timely federal tax returns, even if there's no taxable income to report. These penalties are easy to avoid. There is also some information reviewing the qualifications for switching from C corporation to S corporation status. Continue reading

Merger and Acquisition Trends: What’s Hot and Pitfalls You Want to Avoid 03-04-2015

The activity with mergers and acquisitions (MAs) during 2014 was the hottest since the financial crisis began in 2007, according to recent estimates. It looks like 2015 is expected to pick up where 2014 left off and will be even hotter. Here are some recent trends and best practices to consider if you are considering buying or selling a business in the upcoming year. Continue reading

Affordable Care Act Provisions Delayed 07-02-2013

The Obama Administration announced on July 2, 2013, that implementation of certain provisions found in the Affordable Care Act (“ACA”) will be delayed until January 1, 2015.  Specifically, the delay affects the shared responsibility payment provisions of the employer mandate. Prior to this announcement, employers with more than 50 full-time employees would have been exposed to a penalty for not offering health insurance to their full-time employees beginning January 1, 2014.  In plain English, the penalties (shared responsibility payment) for failing to provide health insurance coverage have been delayed by one year.

The Administration explained that this delay was to allow employers, insurers, and other affected parties time to comply with the reporting requirements of the law.  In its published release, the U.S. Department of Treasury went on to encourage employers to voluntarily implement information reporting in 2014 even though it will not be enforced.  To view the full text of the publication on the U.S. Department of the Treasury’s website, please click here.

At this time, there are many unanswered questions.  However, even if there is a delay in the enforcement of the penalties until 2015, testing periods for plan years beginning January 1, 2015, will start on October 15, 2013, if employers want a 12 month measurement period.  The Administration is delaying the penalty provisions because employers did not have enough time in 2013 to implement these testing periods, among other things.  It is critical that employers use this delay to their advantage and begin testing employee hours at the earliest date of October 15, 2013, depending on plan year and management decisions.

In addition, based on the information presently available, we have seen nothing to suggest that other reporting requirements, scheduled for 2014 implementation, are being delayed.  One such requirement is the disclosure to employees concerning their coverage options within the state run exchanges.  The state health insurance exchanges are required to be operational by October 1, 2013, regardless of whether the exchange is operated by the state or federal government.  One of the requirements that must be met is the distribution of information by employers to employees, regardless of the number of employees, concerning the new health insurance exchanges.  As an employer, this information must be given to all of your employees no later than October 1, 2013, the same day the health insurance exchanges are set to open.   There is an additional requirement if your business address is in a county in which 10% or more of the population is only literate in a non-English language.  If you meet this requirement, you must provide the material in their native language.   Templates for this information are available below along with a link to the Department of Labor’s website.

We will continue to update you on new developments as they occur.

Templates Regarding Required Information to be Disclosed to Employees Regarding State Run Health Exchanges:

Notice to Employees of Coverage Options

Department of Labor Website

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