The Affordable Care Act has had a major impact on small businesses. It is important for small employers to understand and comply with the new Patient Protection and Affordable Care Act. The discussion of this course centers on the 96% of the employers in America who have fewer than 50 employees. ACA and the Small Employer is a guide for how sole proprietors, partnerships/LLCs, and S Corporations are to implement the new law after years of providing health insurance in other ways and will also provide tax professionals with needed guidance to help their clients comply with the Affordable Care Act.
This course has been updated to include the provisions of the Small Business Healthcare Reform Act (SBHRA) signed into law on December 13, 2016.
Upon successful completion of this course, participants will be able to:
- List each of the rules for the self-employed health insurance deduction and explain the steps needed to properly enter this deduction on the tax return.
- Explain the two required features that all group health insurance plans must have.
- Classify a small business into its proper entity and then explain the various health plans that can be used with that type of entity.
- Identify steps that a client must go through in order to either change or implement a health plan in order to meet the guidance issued by the IRS.
- Cite the ground rules employers must use with each type of health insurance plan.
- Differentiate the difference between a FSA and a HSA and when they should be used separately or can be used together.
- Identify health plans that meet the employer's goals but are consistent with the ACA market reforms.
- Analyze all aspects of a chosen plan as to the costs, advantages and disadvantages, and administration problems it might present as per the case study in this chapter.
- Summarize the client's employee situation and determine whether he or she is eligible for the Small Business Health Care Tax Credit.
- Identify the payroll information they will need to prepare Form 8941.
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