While providing health care for your employees can be expensive, it will help you avoid penalties from the IRS and keep your employees happier...
Bohemia, NY (PRWEB) March 01, 2014
Lawrence Teicher, founder of CFO Consulting Services and leading Long Island CPA, discusses how the IRS’s delay of health care penalties effects small businesses.
According to a February 10th article published in the Journal of Accountancy titled “IRS Announces Additional One-Year Delay in Health Coverage Penalty for Midsize Employers,” the IRS is delaying penalties for small businesses that have 50-99 employees and do not provide health care.
The article says that the penalty was originally supposed to be enforced in 2014 and was postponed to 2015 last July. The penalty now has been postponed again to 2016. This gives small businesses more time to transition to being health insurance providers. Employers with over 100 employees will be required to pay an employer shared-responsibility payment for 2015 if they do not provide "adequate and affordable" insurance for their employees.
Lawrence Teicher, founder of CFO Consulting Services and leading Long Island CPA, says that the IRS delay gives small businesses the opportunity to begin offering compliant health care packages. “This delay gives businesses more time to try to find suitable health care packages for their employees,” he says. “While providing health care for your employees can be expensive, it will help you avoid penalties from the IRS and keep your employees happier. It may seem difficult at first, but hiring a part time CFO can help you select plans and establish employee contribution levels that comply with the law.. CFO Consulting Services can help you with all aspects of your business, including matters relating to employee compensation and benefits.”
By providing part-time CFO services on an as-needed basis, CFO Consulting Services is revolutionizing the delivery of financial services. Now small and mid-sized businesses have access to the financial expertise once available to only large businesses. Founded by CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their business.