September 13, 2013
The opening of the government’s Health Insurance Marketplace (HIM) on October 1 is fast approaching and with it comes a new requirement to Section 18B of the Fair Labor Standards Act that all businesses should be aware of. By October 1, 2013 employers must provide written notices about health insurance options, including notification of the new health insurance marketplace, to their employees. This requirement includes all current employees regardless of the hours they work or their health benefit enrollment status.
Employees can be notified by First Class mail or using email. For those employees hired after September 30, 2013, notices about health benefit options must be provided at the time of hiring, which is a change from the current window of 14 days.
The Department of Labor website details the information that must be included in the employee notices and also has links to model notices that employers can use. These model notices address both employers who do offer health insurance and those who do not. There is also an updated model notice for COBRA elections available from the Department of Labor website. According to the Department of Labor, all model notices must include employees’ identifying and contact information.
For employers providing health insurance, the Department of Labor must also provide information about which of their employees are offered coverage, the eligibility requirement for coverage, and a statement that addresses whether the cost of the coverage is intended to be affordable to each employee based on their wages.
The Healthcare Reform Act is bringing many changes that businesses should be aware of. We will provide periodic updates about this important legislation and its impact on individuals and businesses. We also recommend visiting www.healthcare.gov for the most up-to-date information.
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For many business owners, September tends to bring a bit of a slowdown. The chaos of getting kids prepared for going back to school has passed, and a focus on saving money tends to kick in as people prepare for the coming holiday spend. Combined, this can often translate into a lull for business owners.
This is a friendly reminder that the Q3 tax estimate payment deadline is coming up fast. Be sure to make your payment by September 15, 2018 to avoid penalties. Currently, penalties for late or no payment average about 4 percent. And wouldn’t you rather keep that money in your pocket?
According to new rules from the Tax Cuts & Jobs Act, meals and entertainment tax-deductible expenses for businesses have undergone considerable reform. Because the explanations of new deduction guidelines can be confusing, we’ve created this brief outline for you. A visit with your accounting professional to ensure your Chart of Accounts is correct may also be beneficial.