2016 Tax Issues for Businesses to be Aware of

2016 Tax Issues for Businesses to be Aware ofTax season is just around the corner and that may bring up a few concerns for you and your clients. While you want to make sure you have the best Champaign County Business Insurance to help you out, here is a look at some of the legislative and regulatory developments that may have an effect on your business this tax season.

  • Supreme Court Ruling: ACA- affordable health care will continue to be accessible to millions of people living within states that have no established marketplace healthcare exchanges.
  • Affordable Care Act- the mandate for individual penalty increases by 2 percent of the annual household income with a maximum of $975 per family.
  • ACA Provisions’ vs. Businesses- Employers who have an average of 50 or more full-time employees must offer the minimum coverage affordable to FTEs and their families. Applicable Large Employers with less than 100 FTE in 2014 will have some transitional relief in 2015 by only being required to offer coverage to 70 percent of FTE and dependents.
  • New Forms- Optional in 2014, forms 1095-B and 1095-C are now required to be filed out by a person that provides coverage to an individual (form 1095-B) and by applicable large employers that had an average of 50 FTE (form 1095-C)
  • Identity Theft Increase- The IRS announced that taxpayers may receive letters informing them when a suspicious tax return has been filed. They have agreed to provide victims of identity theft copies of fraudulent tax returns so that proper steps can be taken to secure personal information.
  • Extenders- congress looks to be pulling its usual trick of waiting to the last minute to pass extensions which causes confusion and delays in releasing forms and software needed for taxes.

At Myers Insurance Group we know how important and frustrating tax season can be. Call us today at 855.534.5707 to find out more information on our Champaign County Business Insurance Policies.

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