The IRS has begun issuing letters to employers who are not offering health coverage to full-time employees. Under the Affordable Care Act’s (ACA) employer shared responsibility rule, applicable large employers must provide affordable health coverage to full-time employees or face stiff penalties.
There are two key provisions to the ACA’s employer shared responsibility rule that can trigger thousands of dollars in penalties:
- Full-time employees must be provided health coverage.
- That coverage must be adequate and affordable, as specified by the law.
Penalty amounts will depend on the year. Not offering health coverage could cost you between $2,080 and $2,320 per full-time employee. If coverage is unaffordable or inadequate, penalties range from $3,120 to $3,480 per affected employee.
Employer Takeaway
Due to continued delays by the IRS, many employers may be surprised to see penalties dating back to 2015.
Receiving a letter does not necessarily mean you will be penalized. There is a response period where you can reply and indicate whether you agree to the fine or contest it.
For instance, an employee who triggers a penalty may have been working part time for a period or simply missed the enrollment deadline. In these types of situations, employers can argue against the penalties and explain themselves. Errors can usually be corrected by resubmitting forms.
Regardless if the penalty is contested or not, responding immediately is considered the best approach for employers. The forms required by the IRS can be complicated and time consuming to fill out, so waiting until the last minute could end up costing you.
Beyond responding immediately, employers are encouraged to speak with a tax or legal advisor on how to proceed if they receive a letter from the IRS.
Please let TSG Financial, LLC know if you have any questions about these or any other ACA penalties.
Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org).
Advisory services offered through Securities America Advisors, Inc. Risk Strategies, TSG Financial, and the Securities America companies are separate entities.
Securities America Inc. & Securities America Advisors do not offer Insurance Products. Insurance Products offered through many fine Carriers. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.
You’re certainly aware of rapidly approaching tax day on Tuesday, April 17, but are you aware of the rampant scams during tax season? The most prevalent to watch for are IRS imposters and tax identity theft.
The goal of scammers is to uncover your personal information to file fake tax returns using your Social Security number, claiming your children as dependents or using a deceased person’s information to claim a tax refund. The IRS has issued a warning to taxpayers to ignore phone calls, texts or emails regarding your taxes. The IRS only connects with taxpayers through mailed letters.
Also beware of any communication asking for immediate payment or your personal information. The IRS will never ask for your debit or credit card information. If you aren’t sure if a communication you have received is legitimate, call the IRS at 800-829-1040 for verification.
On top of phony communications from IRS imposters, scammers can operate through a fake tax preparation service or by stealing your mail or tax returns. To help protect yourself at any time of the year, it’s important to:
Shred personal or financial documents
Never give out personal information unless you’ve verified the legitimacy of person asking and why they need the information
This tax season, be sure to check your refund status at www.irs.gov/refunds. Another resource is the IRS Identity Protection Specialized Unit. If you think you’re a victim of Tax ID Theft, call the IRS Identity Protection Specialized Unit, 800-908-4490, or visit www.irs.gov/identitytheft.
And of course, our office is always here to help with any of your financial needs. Call us with questions or to set up an appointment today.
Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org).
Advisory services offered through Securities America Advisors, Inc. Risk Strategies, TSG Financial, and the Securities America companies are separate entities.
Securities America Inc. & Securities America Advisors do not offer Insurance Products. Insurance Products offered through many fine Carriers. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.
Work out your core! Core exercises train the muscles in your pelvis, lower back, hips and abdomen to work in harmony. With a stronger core, you are also more likely to sit and stand without slouching.
Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org).
Advisory services offered through Securities America Advisors, Inc. Risk Strategies, TSG Financial, and the Securities America companies are separate entities.
Securities America Inc. & Securities America Advisors do not offer Insurance Products. Insurance Products offered through many fine Carriers. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.
Don't be fooled into giving your personal information or tax return to a thief. Scammers ahve complex methods for tricking individuals, most commonly by impersonating the IRS. Know that the IRS will never demand immediate payments, request wire transfers, threaten to involve police or ask for credit card information.
Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org).
Advisory services offered through Securities America Advisors, Inc. Risk Strategies, TSG Financial, and the Securities America companies are separate entities.
Securities America Inc. & Securities America Advisors do not offer Insurance Products. Insurance Products offered through many fine Carriers. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.
The ongoing Facebook data scandal (the result of a quiz developer illicitly passing along users’ personal information to a political data firm in the 2016 campaign) provides a powerful reminder to seriously weigh what and how we share on social media. Here are some practical tips to protect your information:
- Always use complex passwords on your social media accounts and update them frequently.
- When filling out a social media profile, leave personal details – such as your home address, phone number, birthday and email – blank.
- Don’t accept friend requests from anyone you don’t know in the real world.
- Secure your mobile devices with passcode or fingerprint protection.
- Try not to visit your social media accounts on public wireless connections, which make it easier for others to see your sensitive data. Avoid accessing social media on public computers. And if you do, log out and clear your browsing history when you’re done.
- Turn location tracking off on your social media channels. Turn off the GPS function on your smartphone camera if you plan to post images. Don’t post vacation photos until you return home.
- Be cautious about clicking on links – even from friends – and completing quizzes and surveys.
- Close old accounts you don’t use anymore and delete as much personal information as you can.
- Check your security settings on your social media accounts regularly. They may revert to a less private default when updates occur.
- Avoid signing into other apps using Facebook.
- Make sure you have a quality security software installed on your devices.
In light of current Facebook concerns, you may want to review the data Facebook has on you. To do so, go to the dropdown arrow in the top right corner and click on Settings. This takes you to the General Account Settings page where you can click on “Download a copy of your Facebook data.” To verify/update your privacy settings, go to Settings/Privacy. To stop apps from sharing your data, go to Settings/Apps. For more on privacy, go to Facebook.com/help and select Privacy and Safety.
Just as you strive to protect your personal information on social media accounts, we’re committed to keeping your financial account information secure. And as always, we’re available to discuss any concerns you may have about your finances.
Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org).
Advisory services offered through Securities America Advisors, Inc. Risk Strategies, TSG Financial, and the Securities America companies are separate entities.
Securities America Inc. & Securities America Advisors do not offer Insurance Products. Insurance Products offered through many fine Carriers. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.
Doing yoga helps you become more aware of your body's patterns of movement, posture and alignment - increasing your flexibility and fitness level.
Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org).
Advisory services offered through Securities America Advisors, Inc. Risk Strategies, TSG Financial, and the Securities America companies are separate entities.
Securities America Inc. & Securities America Advisors do not offer Insurance Products. Insurance Products offered through many fine Carriers. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.
According to the Employer Health Benefits 2017 Annual Survey, 58 percent of covered workers are employed in a firm that offers more than one type of health insurance plan. Employers nationwide are realizing the positive impact that offering multiple health plans can have on their employee engagement, retention and recruiting efforts.
More Plans, More Choice
Health care isn’t one-size-fits-all and every employee will use your health plan differently. That’s where the power of choice can be a great advantage to your company. By offering different health plans, you can cater to the diverse needs of your workforce.
For example, a high deductible health plan with a health savings account means lower premiums and the ability to use pre-tax dollars to pay for out-of-pocket costs. Offering this option allows a young, single employee to save money as an entry-level employee. Offering a lower deductible plan with higher premiums allows employees who have any medical issues or employees with growing families greater cost stability and expense predictability.
Benefits of Offering Multiple Health Plans
Health care is the benefit most highly valued by employees, according to a study by the Society for Human Resource Management. Moreover, an Employee Benefit Research Institute study revealed that most employees would like more choices than they currently have when it comes to their health insurance plans. Offering multiple health plans allows employees to select the plan that provides the right amount of coverage at the right cost to remain healthy and productive.
Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org).
Advisory services offered through Securities America Advisors, Inc. Risk Strategies, TSG Financial, and the Securities America companies are separate entities.
Securities America Inc. & Securities America Advisors do not offer Insurance Products. Insurance Products offered through many fine Carriers. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.
How much do you need to retire? Simple question – no easy answer. Everyone has their own number, and there are many ways to calculate it.
Some methods are based on your annual salary. For example, one method recommends that by age 30, you should have the equivalent of your annual salary set aside. By age 35, twice your annual salary; by age 40, three times; age 45, four times – increasing the multiplier each five years until by age 65 you have eight times your annual salary set aside.
A similar rule-of-thumb is to have the equivalent of your salary saved by age 30 and have 10 times your final salary saved (if you want to retire by age 67). But it should be noted that unlike this method, life is not linear – for example, you may have to adjust for major life events.
Other methods are based on your anticipated annual expenses – how much you’ll need to support your retirement lifestyle. To determine that figure, you’ll need to imagine what your retirement life will look like and then establish fixed versus discretionary costs. (One of the hardest costs to project and control will probably be healthcare. In fact, it may even be the biggest expense you have during retirement.)
It might be easier to anticipate fixed costs, like rent or other living expenses, than try to come up with lifestyle costs, such as entertainment or travel. But it’s important to establish the full picture of retirement finances. Knowing how much you’ll need to withdraw annually will help establish a savings goal.
One such expenses-based method, the 4 percent rule, theorizes you need enough saved to be able to meet your annual expenses of year one of retirement by withdrawing 4 percent of your savings. It’s more of a guideline than a rule, and there are several variations that have been developed since it was first presented in 1994. Factors that affect these models include the economy, asset allocation and the kind of retirement lifestyle you want to live.
Call our office today. We can help you imagine your retirement lifestyle and set a financial goal that works for you.
Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org).
Advisory services offered through Securities America Advisors, Inc. Risk Strategies, TSG Financial, and the Securities America companies are separate entities.
Securities America Inc. & Securities America Advisors do not offer Insurance Products. Insurance Products offered through many fine Carriers. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.
Stay hydrated! Drinking lots of water helps flush out fat and toxins from your body.
Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org).
Advisory services offered through Securities America Advisors, Inc. Risk Strategies, TSG Financial, and the Securities America companies are separate entities.
Securities America Inc. & Securities America Advisors do not offer Insurance Products. Insurance Products offered through many fine Carriers. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.
ERISA plans that include disability benefits must comply with the new procedural protections, effective for claims that are submitted after April 1, 2018.
Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org).
Advisory services offered through Securities America Advisors, Inc. Risk Strategies, TSG Financial, and the Securities America companies are separate entities.
Securities America Inc. & Securities America Advisors do not offer Insurance Products. Insurance Products offered through many fine Carriers. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.
