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Ohio's First Sales Tax Holiday is Near -- August 7th Through 9th
Ohio back-to-school shoppers can soon cash-in on the state's first sales tax holiday. The one-time holiday, enacted by Senate Bill 243 which was sponsored by State Senator Kevin Bacon, starts at 12:01 a.m. Friday August 7, 2015 and runs until 11:59 p.m. Sunday August 9, 2015. Click here for more info.
Healthcare Reimbursement Penalty
As reported by The National Federation of Independent Business (NFIB), there is an obscure Internal Revenue Service rule that takes effect July 1, 2015 imposing heavy fines on small businesses for helping defray the cost of their workers' insurance or medical expenses.
- In September 2013, the IRS issued a regulation prohibiting healthcare reimbursement arrangements, which applies to certain types of employee payment plans including: health reimbursement arrangements (HRAs), flexible spending arrangements (FSAs) and certain other employer healthcare arrangements, where an employer reimburses an employee for some or all of the premium expenses incurred for an individual market health insurance policy.
- A healthcare reimbursement arrangement, also known as an employer payment plan, is considered a group health plan that will fail to comply with the market reforms that apply to group health plans under Obamacare, according to the IRS.
- Beginning on July 1st, a business that reimburses more than one of their employees' individual health insurance policies will be penalized $100 per day per employee ($36,500 per year per employee), up to $500,000.
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Our convenient Tax Center provides an array of tax information all in one place. Click here for more information...
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