The tax deadline is quickly approaching and individuals as well as business owners must ensure that they have all necessary paperwork on hand so filing can be as simple as possible. Company heads might not be subject to fines this year, but improper filing - or lack thereof - could cause serious trouble in the future.
As this blog has previously mentioned, smaller businesses often have a more difficult time recovering from financial setbacks. Natural disasters and vandalism are important events that owners must prepare for. However, having the right insurance policy in place is also a crucial issue for owners to keep track of.
Research shows that a majority of small and medium-sized business owners are confused when it comes to healthcare, particularly with regard to the newer formalities added by the Obama Administration. According to a Pew poll, just 55 percent of surveyed Americans understood what happened when the Supreme Court upheld the healthcare law, while 76 percent still had strong opinions about it.
Another online survey found that 56 percent of small business owners incorrectly thought they would be subject to the Affordable Care Act's employer mandate, which takes effect in 2014. Many company heads thought that they needed to provide health insurance to workers next year or pay a fine. However, just organizations with more than 50 people working at least 30 hours a week (or an equivalent number of part-timers) are subject to that ruling.
Working with commercial insurance specialists can help companies find the right health insurance policies, and work with owners so they understand what paperwork they need to have on-hand. It is necessary to know the details of the health insurance you offer to employees, not only for their own benefit, but yours as well.