CPA's & Business Advisors

H&S Tax Newsletter

It’s that time of year again, time to think about your taxes. Tax changes could get interesting this year, due to a new President and all three branches of government controlled by the Republicans, but we’ll be here to keep you informed. And as always, here to help you with your returns.

Check out our annual H&S Tax Newsletter, where you’ll find our tax change predictions and other helpful information. Please feel free to download and share.

Click to Download

Click to Download

 

H&S Tax Newsletter

It’s that time of year again, time to think about your taxes. Tax changes could get interesting this year, due to a new President and all three branches of government controlled by the Republicans, but we’ll be here to keep you informed. And as always, here to help you with your returns.
Check out our annual H&S Tax Newsletter, where you’ll find our tax change predictions and other helpful information. Please feel free to download and share.

Click to Download

Click to Download


 

CPA's & Business Advisors

What Employers Need to Know…

…about the Affordable Care Act, that is! Click the image below to download this one-pager from our friends at the IRS for some very helpful information and links regarding employers and the ever-confusing Affordable Care Act!

Still have questions? No problem, that’s what we’re here for. Please contact one of our qualified CPAs today! Check out our locations page for one near you.

Click to Download

Click to Download

 

CPA's & Business Advisors

Are you an applicable large employer?

With the Affordable Care Act there are certain requirements of you if you’re an applicable large employer. If you’re not sure, well, no fear, there are steps you can take to determine if you are one or not. Click the image below to download a helpful one-pager that the IRS has put together on this very topic. There are active links that take you directly to further information, should you need it!

As always, H&S Companies is here to guide you through the tax jungle. Please contact one of our many qualified CPAs or Accountants with any questions. Take a look at our locations pages to find someone near you.

Click to Download

Click to Download

 

H&S Tax Newsletter

It’s that time of year, and our tax newsletter is here…
This year’s tax newsletter is full of information for both individuals and businesses. Read about changes affecting Education, the Affordable Care Act, Minimum wage, tax tips and more!

Click to Download

Click to Download


 

CPA's & Business Advisors

H&S Tax Newsletter

It’s that time of year, and our tax newsletter is here…

This year’s tax newsletter is full of information for both individuals and businesses. Read about changes affecting Education, the Affordable Care Act, Minimum wage, tax tips and more!

Click to Download

Click to Download

 

CPA's & Business Advisors

SHOP Exchange Program Delayed




hscompanies-SHOP-program-ppacaEmployers looking to utilize the Small Business Health Options Program (SHOP) through the health insurance exchanges will be disappointed as its full implementation until 2015. Under a proposed rule from the Department of Health & Human Services (HHS), states that are allowing the federal government to run their state exchange or are entering a federal-state partnership (such as Michigan) will only have one insurance option for 2014. Initially, the plan involved having multiple policies to choose from, and employers and employees could choose from different plans but the employer would just need to write one check. Due to administrative delays, the full implementation has been pushed back until 2015.

States that are running their own exchange can either fully implement the SHOP program for 2014 or they can enact the 1 year delay.

The delay means that many small businesses that were looking forward to having more competitive choices for health insurance either can utilize the one plan being offered, or can continue to purchase insurance on the private market.

To learn more, contact Travis Sinquefield, PHR.

Travis Sinquefield
HR Manager
616.735.3088
traviss@hscompanies.com

Government Issues Proposed Rules to Clarify 90 Day Waiting Period Requirement


Since the passage of the Affordable Care Act (ACA) in 2010, there has been quite a few questions proposed concerning the new 90 day waiting period rule. This rule limits waiting periods before coverage is to become effective to 90 days. The Department of Labor and the Internal Revenue Service have issued the following proposed rules concerning the 90 day waiting period requirement:

  • If the eligibility period is based solely on time, then the waiting period cannot be longer than 90 days
  • If eligibility is based on factors other than time, the waiting period can be longer than 90 days as long as the requirements are not designed to specifically circumvent the 90 day rule
  • Variable hour workers: the waiting period can be extended up to 13 months after the date of hire if you are reasonably uncertain that a new employee is not going to be working enough hours to be eligible for health insurance coverage
  • If eligibility requirements are based on achieving a cumulative service requirement, it is not considered to be designed to avoid the 90 day rule; after the eligibility requirements have been met in terms of service hours, then the coverage has be effective within 90 days
  • When counting days, all days including holidays and weekends are including in the 90 day requirement
  • Waiting period is defined per HIPAA rules as the time between when an employee or dependent becomes eligible for coverage and when the coverage becomes effective

 

If you questions about the 90 day rule, please give Travis Sinquefield a call at (616) 735-3088.

Travis Sinquefield
HR Manager
616.735.3088
traviss@hscompanies.com

Factoring Seasonal Employees Into the Large Employer Calculation



hscompanies-calculating-employees

The hours that any seasonal employee works during the month needs to be added to the normal part-time employee hours worked during the month, and then use that total number of hours to determine full-time equivalents.

One of the big questions concerning the large employer calculation is how seasonal employees fit into the equation. Upon initial reading of the bill, it appeared that seasonal employees would not be included in the calculation. However, this is not the case.

Remember that the large employer calculation is done on a monthly basis, and then the number is averaged over the year. Thus, any months that seasonal employees work, they must be included in the calculation to determine full-time equivalents (FTE). The hours that any seasonal employee works during the month needs to be added to the normal part-time employee hours worked during the month, and then use that total number of hours to determine full-time equivalents.

However, here is the catch: if your company averages over 50 full-time and FTE employees for 120 days or less per year, and if the reason you are over the 50 FTE threshold is because of the seasonal employees, you will not be considered a large employer.

If you employ a large number of seasonal workers, you will want to carefully manage your seasonal hiring to ensure that you do exceed 120 days of over 50 FTE employees due to seasonal employees.

If you need help in determining your full-time equivalents, please give Travis Sinquefield a call at (616) 735-3088.

Travis Sinquefield
HR Manager
616.735.3088
traviss@hscompanies.com

PPACA Educational Seminars



The Patient Protection and Affordable Care Act of 2010, also known as the PPACA, is the single largest health care bill ever passed. It has a monumental impact upon the health care and insurance industry in the United States. While several of the provisions have already taken effect, and the core provisions aren’t scheduled to become effective until 2014, this upcoming year will see some changes concerning taxes and savings accounts for health care.

Join H&S Companies for a Lunch & Learn Seminar near you to learn more about what the PPACA means for your business.

PPACA Educational Seminars

  • RockfordTuesday, March 19, 2013; 12:30 p.m. – 2 p.m.

  • Mount PleasantThursday, March 14, 2013; 12:00 p.m. – 2 p.m.

Click to download Rockford flyer

Click to download Mount Pleasant flyer


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
To learn more about the PPACA visit the H&S Companies PPACA webpage or download our February newsletter.

Have questions about how the PPACA will affect your business? Contact HR Manager Travis Sinquefield.

Travis Sinquefield
HR Manager
616.735.3088
traviss@hscompanies.com