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Item of Interest

Are you providing reimbursements, or do you have a so-called Health Reimbursement Arrangements with your employees? A new IRS regulation that went into effect July 1 could impose a fine of $100 a day per worker — up to $36,500 — for businesses that provide tax-free assistance with workers’ individual health insurance premiums or medical costs. Under the Affordable Care Act, individuals face a penalty for not buying health insurance. But now even small businesses that choose to jump through hoops to help workers pay for healthcare costs could face penalties. The regulation would cost businesses over 18 times more than the Obamacare penalty for larger businesses not providing health insurance for employees, which is $2,000. Bipartisan legislation in the House and Senate would repeal this ruling, we're hopeful that Congress will take this up this fall. more

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