Profit Statements: The P&R Blog
How much employee health coverage do you sponsor? The IRS wants to know.
The Affordable Care Act (ACA) brought many changes in healthcare accounting for employers and insurers. Imposed by the ACA, the IRS now requires reporting employer-sponsored health coverage on Form W-2. Most employers must report aggregate costs of “applicable employer-sponsored coverage” under the group plan on employee W-2s. By requiring employers to report this coverage on …read more.
Welcome to Patrick & Robinson
Partners Mark Patrick and Adam Robinson give a brief overview of the firm and the services we offer.
Are you prepared for hurricane season?
Since June marks the start of the six-month-long hurricane season, perhaps you stocked up on non-perishable food, water, and batteries…but how do you plan to protect your individual and business tax items? Important Records Keep a duplicate set of your important documents, including passports, insurance policies, bank statements, and tax returns. If you’re printing hard …read more.
Will the government help me save for retirement?
Good news! You may be able to claim the Retirement Savings Contribution Credit to save money as part of your retirement planning. This credit adds to other savings, such as the credit you receive for contributing to a traditional IRA. Income limits exist on claiming this credit. Household income must remain below: $60,000 for married …read more.
New ACA Reporting Requirements for Your Business
The IRS mandated new reporting requirements to enforce the Affordable Care Act (ACA) that affect your business and its healthcare accounting. These new forms will enable the IRS to verify that taxpayers held insurance with minimum essential coverage and were enrolled for all 12 months. Reporting is early in the year: you must submit your …read more.