Tips and New Tax Law:
Check back often to see new articles of interest relating to business management and tax planning.
Affordable Healthcare Act Update:
Health Care Reform Law Requires That Employers Complete and Send an “Exchange Notice” to ALL CURRENT EMPLOYEES By October 1, 2013 and Also Continue to Send to All New Employees.
Below are two Exchange Notice Forms. One form is for employers who WILL be offering a plan in 2014 and one is for employers who will NOT be offering a plan. YOU MUST SEND ONE OR THE OTHER.
This notice is to be sent to ALL employees regardless of full time, part time or eligibility for plans. We suggest that this notice also be sent to all COBRA Qualified Beneficiaries. The statute reads that this notice must be sent via first class mail or sent electronically but email notices must meet the DOL’s electronic safe harbor rules (these are at 29 CFR 2520.104b – 1(c) ). Electronic delivery is permitted to employees who have the ability to effectively access documents furnished in electronic form at any location where the employee is reasonably expected to perform duties as an employee and with respect to whom access to the employer’s or plan sponsor’s electronic information system is an integral part of those duties.
NOTE: Employers who are offering a plan will notice an optional third page of the form to complete. No specific guidance has been given by Health and Human Services (HHS) however if you are planning not to fill out the 3rd page, you may want to consider not sending the 3rd page at all. This option may be less confusing to employees than sending a form with questions left blank.
Financial News Feed:
- Tax-News.com: HMRC Changes Alignment Date For Benefits In Kind
Tax-News.com: HM Revenue and Customs has made changes to the time limits for "making good" taxable benefits-in-kind.
- Tax-News.com: Australian DPT Legislation Passes Senate
Tax-News.com: The Australian Senate has passed legislation to introduce a diverted profits tax from July 1, 2017.
- Tax-News.com: Gaming Firms Flee Poland's Gambling Tax
Tax-News.com: UK-based bookmaker William Hill has become the latest company in the gambling sector to withdraw from the Polish market ahead of the introduction of a new regulatory and tax regime for the industry.
- Tax-News.com: SARS Clarifies Rules On Employees Transport Benefit
Tax-News.com: South African Revenue Service has issued a Binding General Ruling clarifying the application of the no-value provision in relation to employer-provided transport.
- Tax-News.com: New Zealand, China Agree To Discuss FTA Upgrade In April
Tax-News.com: New Zealand and China will begin talks on April 25 towards enhancing their existing free trade agreement.