July 17, 2015
Small employers who are not applicable large employers (less than 50 employees) should be aware that they could be subject to a $100 penalty per day, per employee if they reimburse or pay a premium for an individual health policy for its employees. Transition relief from the excise tax ended July 1.
The tax relief was originally put in place to assist small businesses in their compliance of the market reforms required by the ACA. On June 30, 2015 the assistance ended, leaving any employers who reimburse employees, or offer employer payment plans for individual health policy premiums subject to $100 per day excise tax. If an employer arrangement falls under the previously stated situations it is then considered to be a group health plan, thus making it subject to the excise tax.
There are very few employee exclusions that employers may utilize to avoid the penalty, although S-Corporations are exempt through the remainder of 2015.
You can read more at http://www.marketwatch.com/story/what-changes-to-obamacare-could-mean-for-small-business-taxes-2015-06-16 or at http://www.nfib.com/article/suranc-69940/. If you have any questions please do not hesitate to contact the office at 541.388.7888.
Last week, SGA received some clarification regarding the Oregon Commercial Activities Tax (CAT), the recently passed gross receipts tax that we told you about earlier this summer.
Oregon Department of Revenue (ODOR) hosted a two-hour webinar to discuss the tax. The following information is what we now have available to pass along to you. In review, the Oregon legislature passed...
Although the original tax filing deadline has come and gone, extension deadlines will be here before you know it. As you know, your returns are currently on extension.
If you have provided us all the information to complete your returns, thank you! We'll be in touch soon with any additional questions we may have prior to finishing your returns.
We wanted to update you on a recent development in Oregon’s gross receipts tax.
Several weeks ago, we notified you regarding a bill that had passed the Oregon legislature which levies a gross receipts tax on businesses with gross receipts over $1 million. The tax is $250 plus 0.57% of sales over that $1 million mark. A subtraction of 35% of the greater of labor costs...