Affordable Care Act
The Patient Protection and Affordable Care Act, also known as the Affordable Care Act (ACA), or colloquially as “Obamacare,” was signed into law in March of 2010 with the goal of increasing the quality and affordability of health insurance for millions of Americans.
While the Act’s employer shared responsibility payments will not apply until 2015, and in some cases, not until 2016, there are provisions and safe harbors to consider and decisions that can be made now that may help businesses, employees and a business’s bottom line. Further, there are many unintended consequences arising out of the ACA that business owners, both large and small, need to consider when administering health care arrangements.
We are carefully following the developments associated with the roll-out of ACA and are providing counsel to business owners and other professionals, helping them to address compliance issues, evaluate exposure to penalties and other tax issues as well as planning strategically for the future.
Affordable Care Act Articles
Safeguarding a Business’ Intellectual Property: Patents and Trade Secrets for Small Businesses
The small business owner may have intellectual property that is vital to the success of the enterprise. This introductory note explains two methods by which an entrepreneurial business can take steps to protect itself against the loss of assets of great importance to...
Reasonable and Necessary Compensation: Undocumented Work Disqualifies Benefit Reimbursements
Compensation paid by a business, whether a corporation, limited liability or sole proprietorship must be “ordinary and necessary” to be deductible for corporate income tax purposes. If such compensation does not meet the “ordinary and necessary” standard, or if the...
Taxes Beyond Choice of Entity; Minimizing Employment Taxes
When forming a new company, you have a choice of business entities. For most small business owners, electing to be taxed under the Internal Revenue Code as a Subchapter "S" corporation or forming a limited liability company are the obvious choices for the reason that...
Baseball’s Perfect Warrior; Baseball’s Perfect Knight
May 13, 2008 Fifty years ago today, on a sunny day on Chicago’s North Side, Stan “The Man” Musial was called upon to pinch hit. Although Musial was supposed to wait for this moment until the team returned to Sportsman’s Park for a home stand, the team was behind 3-1...
