This Deadline is Approaching Soon... | Tax Tip of the Week | No. 215

Employers Still Face October 1st Deadline for Employee Notification 

All employers are required to provide employees with notices describing the health insurance marketplaces. This is one of the many provisions of the Affordable Care Act that was not delayed.The Department of Labor has created notice templates for employers who provide health benefits and employers that do not. All employers, regardless of their size, must distribute these by Oct 1.In related news, the IRS has issued guidance on the tax credit available to certain small employers that offer health insurance coverage to employees.Section 45R(a) provides for a health insurance tax credit in the case of an eligible small employer for any taxable year in the credit period.The regulations define an eligible small employer as:• An employer with no more than 25 full-time employees for the taxable year• Whose employees have average annual wages of less than $50,000 per FTE (as adjusted for inflation for years after Dec. 31, 2013)• Having a qualifying arrangement in effect that requires the employer to pay a uniform percentage (not less than 50%) of the premium cost of a qualified health plan offered by the employer through a Small Business Health Options Program – or SHOP – Exchange.We will try to keep you posted on the ever-changing rules of the Affordable Care Act.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.

Rick Prewitt - the guy behind TTW...until next week.