November 19, 2015
Small Employer Pension Plan Startup Cost Credit: Certain small business employers that did not have a pension plan for the preceding three years may claim a nonrefundable income tax credit for expenses of establishing and administering a new retirement plan for employees. The credit applies to 50% of qualified administrative and retirement-education expenses for each of the first three plan years. However, the maximum credit is $500 per year.
Credit for Employee Health Insurance Expenses of Small Employers: Eligible small employers are allowed a credit for certain expenditures to provide health insurance coverage for their employees. Generally, employers with 10 or fewer full-time equivalent employees (FTEs) and an average annual per-employee wage of $25,800 or less are eligible for the full credit. In 2015, the credit amount begins to phase out for employers with either 11 FTEs or an average annual per-employee wage of more than $25,800. The credit is phased out completely in 2015 for employers with 25 or more FTEs or an average annual per-employee wage of $51,600 or more. For 2015, the credit is available on a sliding scale for up to 50% of the employer's contribution toward employee health insurance premiums, is only allowable if the health insurance is purchased through a Small Business Health Options (SHOP) Exchange, and is only available for two consecutive taxable years.
Employer-Provided Child Care Credit: For 2015, employers may claim a credit of up to $150,000 for supporting employee child care or child care resource and referral services. The credit is allowed for a percentage of “qualified child care expenditures,” including for property to be used as part of a qualified child care facility, for operating costs of a qualified child care facility, and for resource and referral expenditures.
It’s back-to-school season, and that typically means buying a lot of stuff to prepare kids for the start of a new academic year. While 2020 may look a bit differently (some schools may enact online learning and/or hybrid models), kids will still need a few essentials—from backpacks to electronics. Here are a few tips to keep your back-to-school shopping within your budget.
For many businesses, COVID-19 forced them into a remote office model. Months into the pandemic and having had a successful experience, a lot of business owners have decided to maintain virtual workspaces. For those adopting this new normal, upping security must be a priority to keep data safe.
It’s hard to believe that we are already into July. Even with the deadline for filing your return and making a payment (if you owe) being extended to July 15, 2020, it still seemed like it came upon us fast. With only a few weeks left, be sure to get any final documents to us and answer any outstanding communications immediately.