Great health insurance news from the IRS for S corporation owners

If you own an S corporation, my latest article contains news that should put a smile on your face, you see…

The IRS has just ruled that S corporation owners are safe from Obamacare penalties through 2015!

That’s right. You can now deduct your health insurance premiums without facing the Affordable Care Act’s $100-per-day penalty.

That’s a big relief. We’ve been waiting for an IRS explanation of the law and now we’ve got the news and it’s good!

If you want to take advantage of Uncle Sam’s newly-declared largesse, here’s some great advice… read my new article titled Tax Tips: Last-Minute News from the IRS—S Corporation Owners Are Safe from Obamacare Penalties through 2015.

Three ways our fact-filled article can help you:

1. We’ll explain how the new rulings impact your “non-owner” employees. Your S corporation still violates the Obamacare rules if it reimburses non-owner employees for insurance they purchased on the individual market. BUT… because of some other new rules, you pay no penalties for your non-owner employee health-insurance violations until July 1, 2015. You’ll get the whole story when you read the full article.
2. You’ll learn how to take advantage of the individual-premium tax credit. As an S corporation owner, you can take advantage of the individual-premium tax credit for your individually purchased insurance. However, this will reduce the amount you can take as a self-employed insurance deduction. We’ll explain the rule on “double dipping” when you read the full article.
3. We’ll warn you when the new rules expire. The IRS said it plans to provide additional information on S corporation insurance procedures and penalties sometime in the future. But one thing’s for sure. You can count on their guidance until at least the end of 2015. Stay tuned. We’ll keep you posted and explain matters fully when you read the full article.