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: Aus Labor: Delay GST On Low-Value Imports
Tax-News.com: The Australian Labor Party has called on the Government to delay by one year the imposition of goods and services tax on low-value goods purchased from overseas sellers.
- Tax-News.com: Canada Consults On Priorities For China FTA Talks
Tax-News.com: The Canadian Government is consulting on options for a possible free trade agreement with China.
- Tax-News.com: New Zealand Mulls Hiking 30 Percent Income Tax Threshold
Tax-News.com: New Zealand's Finance Minister, Steven Joyce, is seeking to increase the country's threshold for 30 percent income tax to above NZD48,000 (USD33,761).
- Tax-News.com: EU Approves UK Levy On Horseracing Bets
Tax-News.com: The European Commission has endorsed the UK Government's introduction of a 10 percent levy on bookmakers' profits from UK wagers on horseraces taking place in the UK.
- Tax-News.com: US To Offer Nepal Greater Duty-Free Access
Tax-News.com: The US-Nepal Trade and Investment Framework Council has proposed adding more products to the list of Nepalese products that may enter duty-free into the US.