September 13, 2013
The opening of the government’s Health Insurance Marketplace (HIM) on October 1 is fast approaching and with it comes a new requirement to Section 18B of the Fair Labor Standards Act that all businesses should be aware of. By October 1, 2013 employers must provide written notices about health insurance options, including notification of the new health insurance marketplace, to their employees. This requirement includes all current employees regardless of the hours they work or their health benefit enrollment status.
Employees can be notified by First Class mail or using email. For those employees hired after September 30, 2013, notices about health benefit options must be provided at the time of hiring, which is a change from the current window of 14 days.
The Department of Labor website details the information that must be included in the employee notices and also has links to model notices that employers can use. These model notices address both employers who do offer health insurance and those who do not. There is also an updated model notice for COBRA elections available from the Department of Labor website. According to the Department of Labor, all model notices must include employees’ identifying and contact information.
For employers providing health insurance, the Department of Labor must also provide information about which of their employees are offered coverage, the eligibility requirement for coverage, and a statement that addresses whether the cost of the coverage is intended to be affordable to each employee based on their wages.
The Healthcare Reform Act is bringing many changes that businesses should be aware of. We will provide periodic updates about this important legislation and its impact on individuals and businesses. We also recommend visiting www.healthcare.gov for the most up-to-date information.
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses method and the simplified method.
Blah. It’s February. The depths of winter. Gloomy days relieved only by the darkness of night. A month made for curling up under the blankets and staying in bed. Sound familiar?
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business.