by Jim Magary | May 7, 2015 | Tax Help
The Affordable Care Act and Employers:
Why Workforce Size Matters
The Affordable Care Act contains several tax provisions that affect employers. Under the ACA, the size and structure of a workforce – small, or large – helps determine which parts of the law apply to which employers.
The number of employees an employer had during the prior year determines whether it is an applicable large employer for the current year.
This is important because two provisions of the Affordable Care Act apply only to applicable large employers.
These are the employer shared responsibility provision and the employer information reporting provisions for offers of minimum essential coverage.
An employer’s size is determined by the number of its employees.
• An employer with 50 or more full-time employees or full-time equivalents is considered an applicable large employer – also known as an ALE – under the ACA.
• For purposes of the employer shared responsibility provision, the number of employees a business had during the prior year determines whether it is an ALE the current year.
Employers make this calculation by averaging the number of employees they had throughout the year, which takes into account workforce fluctuations many employers experience.
• Employers with fewer than 50 full-time or full-time equivalent employees are not applicable large employers.
• Calculating the number of employees is especially important for employers that have close to 50 employees or whose work force fluctuates during the year.
To determine its workforce size for a year, an employer adds the total number of full-time employees for each month of the prior calendar year to the total number of full-time equivalent employees for each calendar month of the prior calendar year.
The employer then divides that combined total by 12.
by Jim Magary | May 6, 2015 | Tax Help
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by Jim Magary | May 6, 2015 | Tax Help
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The system of the IRS Tax billing Notices
Once a tax return is filed or IRS initiates a tax assessment, IRS sends out a series of five notices and those notices are sent five cycles or five weeks apart.
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The IRS Billing Notices for those that owe IRS Back Taxes
1. CP 14 – This is the notice of balance due,
2.CP 501 – This is a Bill that you still owe tax,
3. CP503 – Important, Immediate Action Required
4. CP 504 – Urgent Notice – We Intend to Levy on Certain Assets, Please Respond Now
5. CP90/CP297/ – IRS Letter 1058 – Final Notice of Intent to Levy of Your Right to a Hearing
6.CP 91- CP298 -Final
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by Jim Magary | May 5, 2015 | Tax Help
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by Jim Magary | May 5, 2015 | Tax Help
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