Business Tax
New Excise Tax on Medical Reimbursement Plans due July 31, 2013
As part of the new Affordable Care Act, employers who provide a self-insured health plan (commonly referred to as medical reimbursement plans or health reimbursement arrangements) are potentially subject to a new excise tax in 2013. The tax is assessed based on the number of lives participating in the plan for the prior plan year. […]
Key questions about the health care act’s employer coverage penalties
The deadline is looming. In roughly six months, employers will be subject to the “play or pay” provisions of the Patient Protection and Affordable Care Act of 2010. Not every company will face a penalty for not providing health care coverage or for not providing sufficient coverage. But taking a wait-and-see approach is highly unadvisable. […]
Department of Revenue Requirement to "Certify Your Tax Status"
Many companies located in Massachusetts have received an email this week from the Department of Revenue (“DOR”) informing them of a requirement to “certify their tax status” on line via the DOR WebFile site before April 1. The purpose of obtaining this certification is to allow the DOR to publish a list of businesses qualifying […]
Caught while falling off the fiscal Cliff – Congress passes a solution
CONGRESS PASSES A SOLUTION; PRESIDENT SIGNS INTO LAW After extensive debate, the Senate and House of Representatives passed the “American Taxpayer Relief Act” on January 1, 2013, which was signed into law by the President on January 2. The new legislation contains provisions impacting both commercial and individual taxpayers. Business Tax Provisions: The Research and […]
3 tax tips for the self-employed
With the job market in many areas as uncertain as the economy itself, more and more people are turning to self-employment. If you count yourself among them, here are three tips to consider: 1. Learn your liability. Self-employed individuals are liable for self-employment tax, which means they must pay both the employee and employer portions […]
Payroll tax cut extended through 2012
Congress passed an extension of the 2% payroll tax cut that had been scheduled to expire at the end of February. The extension means 160 million working Americans will continue to pay social security tax on their wages at a 4.2% rate for the rest of 2012, rather than at a 6.2% rate. Because Republicans […]