Are you one of those small-business owners who stopped reimbursing (or paying for) your employees individually-purchased health insurance?
Did you simply add the cost of that insurance to your employees W-2s?
If you did, you were out of compliance with the Affordable Care Act and were subject to a $100-per-day penalty of up to $36,500 per-employee, per-year.
Well, here’s good news …
The 21st Century Cures Act completely erases the $100-per-day penalty retroactively!
You’ll get the whole story when you read my new article titled Tax Tips: Lawbreakers Rejoice! New Law Wipes Away $100-a-Day Penalty!
Three ways our fact-filled article can help you:
- We’ll tell you why Notice 2015-17 is so important. On February 18, 2015, the IRS announced, in Notice 2015-17, that it would not enforce the $100-per-day penalty on small-business owners. The 21st Century Cures Act continues the forgiveness through December 31, 2016. We’ll give you all the details when you read the full article.
- You’ll learn if you’re eligible to benefit from Uncle Sam’s “forgiveness.” The combination of the new law and the original IRS notices means the IRS will not enforce the $100-per-day penalty (with regards to insurance premiums), if two important criteria are met. We’ll tell you what they are when you read the full article.
- We’ll explain why you may want to amend your payroll tax returns. And fast! Let me ask: During 2016, did you add a dollar amount to your employees’ pay to help some or all of them pay for health insurance? And are those amounts now reported on their W-2s as regular pay? If so, then hurry and amend your payroll taxes. Why is it so important to move quickly? All will be explained when you read the full article.