Business Management Daily

MARCH 3, 2023

Congress routinely showers small businesses with tax preferences. And now is the time to think about them, since the tax-filing deadlines for calendar-year corporate returns are fast approaching—March 15 for S corps and April 18 for C corps. But there is a difference between the two: Tax deductions reduce your taxable income.

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ACA Times

JULY 27, 2020

This Applicable Percentage Table provides a sliding scale range of percentages within an applicable tier of household income to calculate an individual’s premium tax credit. The post IRS Increases Premium Tax Credit Eligibility and Affordability Cap first appeared on The ACA Times. At least 300% but not more than 400%.

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PeopleKeep

JUNE 2, 2023

Employees participating in an individual coverage health reimbursement arrangement (ICHRA) can’t collect premium tax credits (PTC). However, simply being offered an ICHRA doesn’t automatically disqualify employees from utilizing tax credits under specific circumstances.

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Homebase

DECEMBER 22, 2023

Tax credits can be confusing. But for small businesses, every dollar counts, and tax credits and other incentives are a great way to maximize your bottom line. One tax credit you should be aware of? The Employee Retention Tax Credit (ERTC). When can you claim the credit? Here’s the gist.

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PeopleKeep

MARCH 25, 2024

At the same time, many employees are taking advantage of health insurance subsidies, such as premium tax credits. Many employers are moving away from traditional group health insurance by offering more affordable and flexible health benefits like health reimbursement arrangements (HRA) or health stipends.

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Trusaic

NOVEMBER 7, 2019

On a number of occasions, the Work-Opportunity Tax Credit (WOTC) has gone into hiatus, however, that doesn’t mean employers should stop their WOTC processes. Businesses leveraging the WOTC can receive tax credits up to $9,600 per qualified candidate. Here is an example. According to the DOL, employers in 2018 obtained 2.2

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SHRM Resources

FEBRUARY 16, 2021

The Work Opportunity Tax Credit (WOTC)—an incentive for employers to broaden their job applicant pools and hire from certain groups of people who may need assistance.

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SHRM Resources

JUNE 18, 2021

Although the Employee Retention Tax Credit (ERTC) is expiring at the end of 2021, there's still time for eligible businesses to claim the credit and receive 70 percent of the first $10,000 of qualified wages paid per employee in each qualifying quarter.

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ATS 133

PeopleKeep

JULY 2, 2021

Since the Affordable Care Act created premium tax credits in 2014, millions of low-income Americans were able to get more affordable access to health insurance premiums on the state and federal exchanges. Watch our video to learn more about how premium tax credits work across all HRA types.

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Guideline

MARCH 21, 2023

Act passed at the end of 2022 , and it provides even more tax credits for small business owners starting new 401(k) plans than the original 2019 law. We discovered that over the past four years, our customers were able to access over $90 million in potential new plan tax credits through the SECURE Act. The SECURE 2.0

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PeopleKeep

SEPTEMBER 13, 2021

federal government created the small business health care tax credit to help small businesses contribute to their employees’ health benefits. However, not all small businesses are eligible for a tax credit, and there are certain steps you need to take to ensure your organization qualifies. That’s why the U.S.

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ACA Times

FEBRUARY 19, 2020

2 minute read: The Centers for Medicare and Medicaid (CMS) has proposed a rule that would ensure that the agency doesn’t wrongfully provide health insurance subsidies, or Premium Tax Credits (PTCs) to ineligible individuals. The post Proposed CMS Rule Could Reduce Number of Premium Tax Credits first appeared on The ACA Times.

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PeopleKeep

MARCH 17, 2022

At the same time, many employees are taking advantage of health insurance subsidies, such as premium tax credits. How pairing premium tax credits with a health stipend benefits employees. Employees often ask, “Will I be penalized for getting a subsidy when my employer offers benefits?”

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SHRM Resources

OCTOBER 5, 2022

When Congress approved the Work Opportunity Tax Credit in 1996, lawmakers intended to spur the full-time hiring and retention of workers from disadvantaged backgrounds. Experts advise on the correct way to use the credit.

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PeopleKeep

MARCH 15, 2021

With the recent passage of the American Rescue Plan Act of 2021 , there’s been a lot of talk about the changes made to premium tax credits and lowering health insurance costs—but what exactly are premium tax credits, and what do they have to do with how much you pay for health insurance?

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ACA Times

MAY 7, 2020

2 minute read: On April 30, 2020, the Treasury Inspector General for Tax Administration (TIGTA) issued a new report entitled, “Improper Payment Reporting Has Improved; However, There Have Been No Significant Reductions to the Billions of Dollars of Improper Payments.”. Among its findings, the Report identified an IRS estimate of 27.4% ($540.9

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Zenefits

MARCH 18, 2022

One such government program has been the Employee Retention Tax Credit, or the ERTC for short. This tax credit in particular has changed a bit here and there since its introduction in 2020. The Employee Retention Tax Credit is a tax incentive that encourages employers to keep their workers on payroll during the pandemic.

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Patriot Software

APRIL 8, 2020

One of the coronavirus small business relief measures comes in the form of employer tax credits. There are two groups of refundable coronavirus tax credits available for employers: 1) COVID-19-related tax credits for paid leave and 2) Employee Retention Credit.

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HR Workplace Services

JULY 10, 2020

Click here to view New COVID-19 Employer Tax Credits by IRS. The post IRS Announces COVID-19 Employer Tax Credits appeared first on HRWS.

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Namely

APRIL 28, 2021

Last week, President Biden announced a paid leave tax credit to employers that provide full pay for any employee who takes PTO to get a COVID-19 vaccine.

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Compliance 98

ACA Times

JANUARY 19, 2016

If you or anyone in your family enrolled in an Affordable Care Act health insurance plan through the federal Healthcare.gov health insurance marketplace or a state exchange, you may be eligible for the premium tax credit. Receiving the credit requires filing a federal income tax return.

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BerniePortal

JUNE 16, 2021

Included among the many updates were several important adjustments to the child tax credit (CTC). Find out how the tool works and what employees need to know about the child tax credit.

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Patriot Software

OCTOBER 6, 2022

If so, you may be eligible for the Work Opportunity Tax Credit (WOTC). Get to know all-things WOTC, including what is a work opportunity tax credit, which businesses are eligible, and how to apply. Have you hired a veteran? What about a SNAP recipient or ex-felon? What are you waiting for? Get reading!

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Zenefits

JULY 29, 2020

Fortunately, you can offset this cost burden by claiming FFCRA tax credits on your federal employment-tax returns, such as on your quarterly IRS Form 941 or your annual IRS Form 944. This refundable tax credit is called the “employee retention credit.”. How much are the credits?

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ACA Times

JULY 26, 2017

The IRS on July 24 finalized regulations for the use of premium tax credits. These are the tax credits provided by the Affordable Care Act (ACA) to help lower income families and individuals subsidize the cost of premiums for healthcare insurance purchased through the Health Insurance Marketplace.

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HR Bartender

APRIL 16, 2015

In the book “The Cobler of Preston,” Christopher Bullock wrote the famous line, “’Tis impossible to be sure of anything but death and taxes.” As sure as we are about paying our taxes, one thing we’re often unsure about is getting tax relief. The Work Opportunity Tax Credit (WOTC) is not a new program.

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ACA Times

DECEMBER 23, 2015

The IRS has issued Notice 2016-02 to provide information regarding the health coverage tax credit, or HCTC. The 14-page notice explains who can claim the HCTC, the amount of the credit, and the procedures to claim the credit for tax years 2014 and 2015. For questions about the ACA contact us here.

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ACA Times

FEBRUARY 6, 2018

Individual taxpayers who obtain Premium Tax Credits from the federal government to subsidize health insurance plans purchased on government healthcare exchanges under the Affordable Care Act (ACA) will be filing 2017 tax returns to claim these credits. This can trigger tax penalties for the employers.

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Justworks

AUGUST 31, 2017

If you’re looking for a way to subsidize some of your company’s costs, applying for a research and development (R&D) tax credit may be an option — even if you’re a small business. What is the R&D Tax Credit? Eligible companies may claim the research & development (R&D) tax. Read more

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FLEX

AUGUST 8, 2022

The Internal Revenue Service (IRS) recently issued Revenue Procedure 2022-34 which includes important details as it relates to Advanced Premium Tax Credits (APTCs) on Health Insurance Marketplaces and “affordable coverage” as it relates to the Employer Mandate for plan years starting in 2023. . Advanced Premium Tax Credits (APTCs).

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ACA Times

SEPTEMBER 28, 2016

For those who received an advance payment for the Premium Tax Credit, yet have extended their 2015 tax return filing or don’t file at all, there’s something you should know. Letter 5858 is for those who don’t typically file their taxes. The post Late Filers: Is Your Premium Tax Credit In Jeopardy?

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ACA Times

AUGUST 4, 2016

New regulations have arrived for the ACA’s Premium Tax Credit and Shared Responsibility Payment provisions. For the 2015 tax year, many employers and employees encountered difficulties with regard to the PTC and whether or not a shared responsibility payment was required. To view a summary of these new regulations, click here.

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PeopleKeep

DECEMBER 25, 2019

A common question we receive is "will offering a QSEHRA prevent employees from obtaining individual premium tax credits?" In short the answer is no, but adjustments must be made to accommodate how the credit is calculated.

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Helpside

OCTOBER 28, 2022

The IRS recently issued a strong warning to employers about companies, who are seeking to take advantage of employers by aggressively marketing assistance with obtaining the Employee Retention Tax Credit (ERTC). Ultimately, taxpayers are responsible for what they report on their tax returns and for correcting incorrect returns.

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ACA Times

FEBRUARY 25, 2016

Small employers who enroll in SHOP (Small Business Health Options Program) health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit, which is worth up to 50% of their premium contribution. Additional information, including a SHOP Tax Credit Estimator , is available on HealthCare.gov.

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PeopleKeep

JULY 30, 2020

If an ICHRA allowance makes the benefit affordable for an employee, it can impact their eligibility for a premium tax credit (PTC), as explained below. To be considered affordable , the cost of the lowest cost silver plan must not be more than 9.78% of an employee’s household income.

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Guidelines 59

ACA Times

OCTOBER 5, 2015

However, to be eligible for the premium tax credit, the household income must be at least 100%, but no more than 400%, of the federal poverty line for the family size. The amount of the premium tax credit is calculated on a sliding scale, with greater credit amounts available to those with lower incomes.

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