The Affordable Care Act (the ACA) – the health care law known as “Obamacare” – got off to a rough start. It was passed amidst contentious debate in Congress in 2010, faced legal challenges before the U.S. Supreme Court upheld it in 2012, and sputtered at the end of 2013 when technical glitches on the government’s website deterred enrollment in health insurance plans. So where does the ACA stand in 2014?
It’s the law of the land. Some ACA changes are already in place, some have been postponed and some are still scheduled for the near future.
Changes for individuals: Certain tax-related provisions – including the imposition of a new 3.8% Medicare surtax on the net investment income of upper-income taxpayers – went into effect in 2013.
Various consumer protections were triggered dating back to 2010, while a prohibition against discrimination based on pre-existing conditions became effective on January 1, 2014.
Significantly, if you don’t have access to health insurance, you can now acquire it directly from healthcare.gov. Open enrollment for 2014 lasts until March 31, 2014. At that point, individuals are generally required to be enrolled in a plan offering “minimal essential health insurance coverage” or face penalties from the IRS.
Changes for businesses: A tax credit can be claimed by a qualified small business providing health insurance coverage to a staff with fewer than 25 full-time employees and average wages of less than $50,000. The maximum credit, which has been 35% since 2010, increases to 50% in 2014.
A provision in the ACA initially required a business with 50 workers or more to offer health insurance or pay a fine. This mandate for businesses, which was initially scheduled to take effect in 2014, has been postponed to January 1, 2015.
Reminder: Other key ACA deadlines will arrive after 2014. Be aware that this law could affect your tax planning for years to come.
The QBC: QuickBooks® Client Newsletter
QuickBooks can be used as is (with some exceptions), but you can customize many elements to improve your workflow, your form output and your business insight.
You’ll learn far more about your company’s financial status if you use Filters in reports. We can help you set up the most effective ones for your business.
While many of the things you purchase and use in your daily work and professional lives don’t come with options, many do. Think about the last time you bought a car, for example. Did you request additional features for safety or convenience or aesthetic value?
You can’t buy “extras” with your copy of QuickBooks. You can select from the different versions (Pro, Premier, etc.) and extend the software’s functionality by installing integrated add-ons from the Intuit App Center. But if you install QuickBooks on two machines from the same DVD or download, they’ll look and work the same.
For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.
Insero & Company CPAs, P.C. announced today that it has acquired Rochester-based Marquise Business Solutions, LLC.
Founded in 2007, Marquise specialized in accounting, finance and strategic business consulting for start-ups and small to medium-sized businesses. Paul LeFrois, Jr., former Managing Member, will continue to provide these services as part of Insero’s Small Business Group.
LeFrois is a graduate of Saint Bonaventure University and a recipient of the Rochester Business Journal’s Forty under 40 Award. He has volunteered for the Westside YMCA for the past 14 years and is currently serving as Chairman of the Board. He resides in Gates with his wife and twin sons.
“We have worked with Paul in the past and are very pleased that Marquise Business Solutions is now an integral part of our team,” said Nancy Catarisano, Insero’s Managing Partner. The acquisition is part of the firm’s initiative to expand its Small Business practice. “We are continuing our major push in small business because we believe small business is still a growth area in Rochester.”
Insero & Company CPAs, P.C. is one of the leading accounting and business advisory practices serving Western, Upstate and the Southern Tier of New York with offices in Rochester and Corning, New York. A full-service public accounting firm with Tax, Audit and Outsource Accounting practices, Insero’s specialty services include Small Business, Employee Benefit Plan Audits and Outsourced and Virtual Accounting Services for businesses and not-for-profit organizations of all sizes.
Insero & Company‘s Managing Partner, Nancy Catarisano, was recently featured in the Rochester Business Journal.
Here is an excerpt from the profile:
Nancy Catarisano’s bookkeeping and accounting career began when she was a child collecting payments for her father’s lumber mill, logging in the workers there and balancing the company checkbook.
She is now managing partner at Insero & Co. CPAs P.C., overseeing 85 employees at its State Street headquarters and a branch office in Corning. The firm has plans to double employment in five years.
Catarisano, 52, became managing partner Oct. 1, 2012, after serving as chief operating officer since December 2008, when founder Frank Insero transitioned from managing partner to CEO. As COO, she managed the firm’s day-to-day operations.
“It’s a big change,” she says of being managing partner. “I have a lot less time to spend just doing relaxing things. The firm is on my mind 24/7.
“With any leader, that’s what you do. It’s a responsibility; I take it seriously. Everybody is looking at me to set the stage for the future, and set the vision and set the culture.”
When it comes to your business there is no one-size-fits-all formula to success – and your relationship with your CPA should be just as unique. That’s why we promise to deliver The Highest Standard of client service built on a foundation of frequent communication.
This newsletter is just one of the ways we help you stay up-to-date on tax and financial issues that impact business owners and financial professionals like you. From year-round tax planning to tips on how to maximize profits, this valuable resource is a must read. This quarter’s topics include:
- Health care reform law gets underway for individuals
- Year-End Tax Moves
- 1099s: A little form with a painful bite
- Business or hobby? Nine factors help the IRS decide
- Financial tips for the 20-something generation
- How to handle the financial issues after the death of a spouse