September 25, 2013 12:00 am
Published by Mark
EMPLOYER MANDATE On July 2, 2013, the Administration announced on the White House and Treasury websites that it will provide an additional year, until Jan. 1, 2015, before the mandatory employer and insurer reporting requirements under the Affordable Care Act (ACA, commonly referred to as "Obamacare") begin. Since this will make it impractical to determine which employers do not provide minimum essential health coverage, and therefore would owe shared responsibility payments under Code Sec.
September 25, 2013 12:00 am
Published by Mark
The federal business mandate for large employers to offer health insurance to its full-time employees has been delayed one year, thus starting in 2015. However, individuals are still required to carry health insurance starting in 2014 or be subject to penalties. State-based health exchanges are set to be in place by Oct 1 to help people without access to coverage meet this requirement.
August 28, 2013 12:00 am
Published by Mark
The tax law changes launched with this budget will deliver a $2.7 billion tax cut to Ohio businesses and individuals over the next three years. This tax cut is the product of multiple elements including: A 10% personal income tax cut phased in over the next three years. In 2013, 2013 existing tax rates are being reduced 8.5%; in 2014, the 2013 pre-budget rate cut is 9%; in 2015, the full 10% reduction will be applied to the 2013 pre-budget rates.
August 28, 2013 12:00 am
Published by Mark
Starting in 2013, high-income taxpayers will face new taxes-a 3.8% Medicare contribution tax on net investment income and a 0.9% additional Medicare tax on wage and self-employment income. Here's an overview of the two new taxes and what they will mean to you. 3.8% Medicare contribution tax.
August 28, 2013 12:00 am
Published by Mark
The most anticipated provision of the Health Care Reform Act (Patient Protection and Affordable Care Act (PPACA) is almost here. For months beginning on or after January 1, 2014, (The White House has delayed several provisions until 2015) an "applicable large employer" (defined below) is liable for an Employer Shared Responsibility Payment (ESRP) if: (1) the employer fails to offer to its full-time employees (and dependents) the opportunity to enroll in minimum essential coverage under an ...
August 28, 2013 12:00 am
Published by Mark
The delay of several key elements of the Affordable Care Act (ACA) is welcome news to many employers. The employer informational reporting and employer mandate have been delayed until 2015. Despite the delays of certain provisions there are still steps you need to take this year to become compliant with other provisions of the ACA that have not been delayed. Here are some provisions that are still in place: The individual insurance mandate.
August 28, 2013 12:00 am
Published by Mark
Starting in 2013, high-income taxpayers will face new taxes a 0.9% additional Medicare tax on wage and self-employment income. Here's an overview of the new taxes and what they will mean to you. Additional 0.9% Medicare tax on wage and self-employment income.
August 28, 2013 12:00 am
Published by Mark
It is important to plan ahead because of all the new tax law changes. The majority of tax planning needs to be done before the end of the year, so now is the time discuss your situation and take the necessary steps to minimize your tax liability. The 3.8 percent Medicare tax will be imposed on unearned income over $250,000 for joint filers.
August 28, 2013 12:00 am
Published by Mark
By October 1, 2013, employers must deliver written notices with details about health insurance marketplaces, previously called exchanges, to all employees. Effective October 1, 2013, notices must be given to new hires within 14 days of their start date. This is one of the many provisions of the Affordable Care Act that was not delayed.
August 28, 2013 12:00 am
Published by Mark
State rate increases from 5.5% to 5.75% effective September 1, 2013. The state sales tax rate on the storage, use or other consumption of tangible personal property or services and retail sales made on or after Sept. 1, 2013 is 5.75%.
