“Bunching” medical expenses will be a tax-smart strategy for many in 2017
Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor
News & Tech Tips
Offers of Health Coverage – Employer Shared Responsibility Payment & Filing Requirements
An employer that sponsors an insured health plan (a health plan that provides coverage by purchasing insurance from a health insurance issuer) will not report as a provider of health coverage under Code Section 6055.
Be prepared for the health care act’s “play or pay” provision
The Patient Protection and Affordable Care Act of 2010’s shared responsibility provision, commonly referred to as “play or pay,” is scheduled to take effect Jan. 1, 2014. It doesn’t require employers to provide health care coverage, but it in some cases imposes penalties on larger employers that don’t offer coverage or that provide coverage that is “unaffordable” or that doesn’t provide “minimum value.”
A large employer is one with at least 50 full-time employees, or a combination of full-time and part-time employees that’s “equivalent” to at least 50 full-time employees. The nondeductible penalties generally are $2,000 per full-time employee.
Although the shared responsibility provisions don’t take effect until 2014, employers will use information about the workers they employ in 2013 to determine whether they’re subject to the provisions and face the potential for penalties in 2014. The rules are complex, so contact us today to learn how they may affect your business and what steps you can take to avoid, or at least minimize penalties.
Phil Heit Receives Jefferson Award for Community Service
Dr. Phil Heit, founder of Healthy New Albany, was named one of five winners of the prestigious 2013 Jefferson Awards, the annual awards program that recognizes individuals who do extraordinary things in their central Ohio communities without expecting a reward. Phil was recognized for his work promoting health with Healthy New Albany and the New Albany Walking Classic.
The Jefferson Awards are presented by WBNS 10TV and Nationwide. A total of 215 people were nominated for this year’s awards. From 20 finalists, a panel of 12 business, civic and community leaders selected the top five.
WATCH a video about Phil and his impact on the health of residents in central Ohio.
Two Clients Recognized for Promoting Health of Their Employees
Two clients were recognized in Columbus Business First’s inaugural Healthiest Employers of Central Ohio Awards Program. Award recipients offer health and wellness initiatives that promote a culture of staying active, eating right, managing stress and offering preventative disease screenings.
Hondros College was honored among the medium employers (101 to 500 employees) and Portfolio Creative was recognized among the small employers (two to 100 employees).
Employees of the companies who applied to participate in the awards program completed a health assessment survey and the company completed a questionnaire that covered six key areas of workplace wellness: culture and leadership; commitment, foundational components; strategic planning; communications and marketing; programming and interventions; and reporting and analysis.
All of the award recipients were featured in a supplement to the March 29 Business First.