Smart Benefits: IRS Issues Final Regulation on Small Business Tax Credit
Monday, June 30, 2014
- Small employers are defined as those with no more than 25 full-time equivalent employees
- The employees must have average annual wages of no more than $50,800 each
- Employers must contribute at least 50% of the premium cost for each enrolee
And, for the 2014 tax year, employers must purchase coverage through the Small Business Health Options Program (“SHOP”) Exchange, a change from previous years. For those areas where SHOPs were not in place in 2014, this added requirement will not be enforced.
Designed to make it more affordable for small businesses to buy health insurance for their employees, employers who fulfil the requirements can claim a tax credit of 50% of the premium paid. Once a company claims the credit, it can only do so for two years.
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Hollywood in Worcester
Worcester loved being the center of the entertainment industry this year. Having Bradley Cooper, Christian Bale, Jennifer Lawrence, Amy Adams and Robert DeNiro all in town was a big boon to the city's self-confidence and brought in millions to the economy.
Here is how GoLocalWorcester reported it:
Return of Murray - to the Chamber
Telegram - anyone want to buy it? Anyone?
JetBlue saves Worcester Airport
JetBlue finally arrived. The airport was functionally dark after the bankruptcy of Direct Air, and the arrival of this "cool airline" has helped Worcester get it mojo back.
It has not all been smooth, but the city is excited. Bill Randell's ongoing coverage of the airline has helped build the excitement.
Here is the intro into one of many of GoLocalWorcester's articles.
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