{"id":2174,"date":"2016-01-11T14:18:43","date_gmt":"2016-01-11T19:18:43","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=2174"},"modified":"2019-06-18T10:40:10","modified_gmt":"2019-06-18T15:40:10","slug":"aca-2015-guide-everything-you-need-to-know-when-preparing-business-tax-returns","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/aca-2015-guide-everything-you-need-to-know-when-preparing-business-tax-returns\/","title":{"rendered":"ACA 2015 Guide: Everything you Need to Know When Preparing Business Tax Returns"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Some of the provisions of the Affordable Care Act (ACA) apply only to small businesses with more than 50 full-time employees (or equivalents). These employers are not subject to the employer shared responsibility provision and won\u2019t be required to pay a penalty if they don\u2019t provide affordable health coverage. Still, there are several tax provisions under the ACA that your small business clients should take into consideration.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For businesses that have close to 50 employees, or whose workforce fluctuates throughout the year, it\u2019s important to properly calculate the number of employees. <\/span><a href=\"http:\/\/healthcoverageguide.org\/affordable-care-act\/small-business-tax-credit\/calculating-number-of-employees-average-annual-wages\" data-wa-link=\"body_health-covguide\" target=\"_blank\"><span style=\"font-weight: 400;\">You can view a helpful guide here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Employers with fewer than 50 employees can purchase health insurance for its employees through the <\/span><a href=\"https:\/\/www.healthcare.gov\/small-businesses\/\" data-wa-link=\"body_healthcare-smbz\" target=\"_blank\"><span style=\"font-weight: 400;\">Small Business Options Program (SHOP)<\/span><\/a><span style=\"font-weight: 400;\">. Plus, small businesses that have fewer than 25 full-time equivalent employees and average annual wages of less than $50,000 may be eligible for the small business health care tax credit. To qualify, employers should purchase insurance through the SHOP and cover at least 50 percent of their full-time employees\u2019 premium costs.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Small business employees must withhold and report an additional 0.9 percent on employee wages or compensation that exceed $200,000 \u2013 this is known as the <\/span><a href=\"https:\/\/www.irs.gov\/Businesses\/Small-Businesses-Self-Employed\/Questions-and-Answers-for-the-Additional-Medicare-Tax\" data-wa-link=\"body_irs-medicareFAQS\" target=\"_blank\"><span style=\"font-weight: 400;\">Additional Medicare Tax<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">They may be required to report the value of the health insurance coverage on W-2 forms.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">New this year: If the business provided self-insured health coverage to employees in 2015, they must file an annual return reporting certain information for each employee covered. You<\/span><a href=\"https:\/\/www.irs.gov\/Affordable-Care-Act\/Questions-and-Answers-on-Information-Reporting-by-Health-Coverage-Providers-Section-6055\" data-wa-link=\"body_irs-acaFAQ\" target=\"_blank\"><span style=\"font-weight: 400;\"> can view some of the basic information here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">More than 95 percent of employers have fewer than 50 full-time employees and fall into the provisions above. Stay informed with Intuit<\/span><span style=\"font-weight: 400;\">\u00ae<\/span><span style=\"font-weight: 400;\"> Professional Tax Group\u2019s helpful toolkits on the ACA so that you can easily guide your clients through the ACA-related tax changes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The due date for providing the 2015 Form 1095-B, <em>Health Coverage<\/em>, and Form 1095-C, <em>Employer Provided Health Insurance Offer and Coverag<\/em>e, to individuals has been extended from Feb. 1, 2016, to March 31, 2016.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some of the provisions of the Affordable Care Act (ACA) apply only to small businesses with more than 50 full-time employees (or equivalents). These employers are not subject to the employer shared responsibility provision and won\u2019t be required to pay a penalty if they don\u2019t provide affordable health coverage. Still, there are several tax provisions<\/p>\n","protected":false},"author":17093207,"featured_media":2177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[509474089],"tags":[29185930,10585],"intuit_collection":[],"intuit_series":[],"coauthors":[509474107],"class_list":["post-2174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news","tag-affordable-care-act","tag-small-business"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ACA 2015 Guide: Everything you Need to Know When Preparing Business Tax Returns - Tax Pro Center | Intuit<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/aca-2015-guide-everything-you-need-to-know-when-preparing-business-tax-returns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ACA 2015 Guide: Everything you Need to Know When Preparing Business Tax Returns - Tax Pro Center | Intuit\" \/>\n<meta property=\"og:description\" content=\"Some of the provisions of the Affordable Care Act (ACA) apply only to small businesses with more than 50 full-time employees (or equivalents). 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