Monday, June 13, 2016

New Online Tools Help Employers Estimate Health Care Law’s Effect on Taxes

Dave Kyllo

A new tax tip from the Internal Revenue Service announces the availability of two new electronic estimator tools for employers. The new tools come from the IRS’ Taxpayer Advocate Service

The Employer Shared Responsibility Provision Estimator helps employers understand how the provision works and how it may apply to an organization. Employers can use the estimator to determine their number of full-time employees, and to determine whether they might be considered by the IRS to be an applicable large employer. This estimator can also be used to compute an employer’s maximum potential liability for the employer shared responsibility payment.

The Small Business Health Care Tax Credit Estimator helps employers determine if they might be eligible for the Small Business Health Care Tax Credit and how much credit they might receive. This tool provides estimates for tax years 2014 and beyond. However, some figures used in determining the credit are indexed for inflation. Because of this, for future years, the estimator cannot provide a detailed estimate.

The IRS does caution users that the tools should only be used by employers as a guide for making decisions and not for accurate definitive calculations. Additional useful tax tips related to the Affordable Care Act will continue to be published by the IRS.   

Concerned about your employee health insurance costs? AHCA/NCAL members are saving money on their employee health benefit programs through AHCA/NCAL Insurance Solutions. One not-for-profit member is saving more than $2,100 annually per employee. AHCA/NCAL Insurance Solutions may be able to save you money too. For more information about health plan options available through AHCA/NCAL Insurance Solutions, contact Dave Kyllo at 202-898-6312 or Nick Cianci at (202-898-2841) or email us at ahcainsurancesolutions@ahca.org.    

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