When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are IRS tax tips that can help you get your business off to a good start.
The employer shared responsibility provisions of the Affordable Care Act affect employers employing at least a certain number of employees (generally 50 full-time employees or a combination of full-time and part-time employees). These employers' are called Applicable Large Employers (ALEs). ALEs must either offer minimum essential coverage that is "affordable" and the provides "minimum value" to their full-time employees (and their dependents), or potentially make an employers shared responsibility payment to the IRS. The bast majority of employers will fall below the ALE threshold number of employees and, therefore, will not be subject to the employer shared responsibility provisions. Employers also have information reporting responsibilities regarding minimum essential coverage they offer or provide to their full-time employees. Employers must send reports to employees and to the IRS on new forms the IRS created for this purpose. Comments are closed.
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