The IRS provides many helpful resources to help individuals and employers navigate tax and business issues. Toward this end, the IRS has increased its online presence with several YouTube videos.
This week, a federal district court in Texas ruled that the Affordable Care Act is unconstitutional. This Texas ruling does not overturn the ACA, as the case will have to make its way through the court system on appeal before it has the chance to invalidate the law nation-wide.
Q.- An employee’s doctor recommended that she take nutritional supplements. Our FSA administrators denied her reimbursement request. Should the supplements be eligible for payment from her health FSA?
Employers with 50 or more full-time/full-time equivalent employees (called Applicable Large Employers) must offer their full-time employees affordable, minimum essential health coverage that provides minimum value. Minimum essential coverage (MEC) is any eligible employer-sponsored plan offered by an employer to an employee that is (1) a governmental plan, or (2) any other plan or coverage offered in a state’s small or large group market.
Q.- Is there a difference between a cafeteria plan and an FSA plan?
A new business tax credit may be available for certain employers who provide employees paid family and medical leave during 2018 or 2019.
Employers that have calendar year health plans and use the look-back measurement method for determining their employees’ full-time status will likely be able to make those determinations soon. Analyzing look back results is important to be able to make proper offers of coverage to full-time employees in the upcoming open enrollment period for the 2019 plan year.
Q.- We are hiring a student to help us over winter break. She will work 40 hours per week, but only for 3 weeks. Does the Affordable Care Act require us to offer her health coverage for the 3 weeks she is working?
The Small Business Administration (SBA) offers help for all aspects of the business life cycle - planning a business, launching a business, managing a business and growing a business. Its Business Guide resource provides 10 steps to starting a business. The Guide can be accessed by clicking here.