Posted on 07/06/2015 1:49:20 PM PDT by Crystal Palace East
Remember the "If you like your insurance, you can keep your insurance" lie? Well, starting last week, tens of thousands of small business owners are about to get hit with $100 per day / per employee fines for helping their employees pay for their private insurance! That's $36,500 for each person they try to help!
It's very simple. The government wants everyone on Obamacare... and dependent on the government. So the IRS will now levy a $100 per day, per employee fine on any employer who helps their employees pay the cost of their private healthcare insurance.
10 employees? That's $365,000 due every year!
Hard to believe? Check the official word from the IRS at the link. Some business magazines have also covered this, but it is not widely known.
Small businesses with fewer than 50 employees are NOT exempt from this ridiculousness. Any attempt to simply increase salaries to cover the insurance would probably be seen as an illegal way to circumvent the fine and add additional penalties!
Here is the huge problem. Most small business owners are not aware of this, and won't until they get a $36,500 fine PER EMPLOYEE at tax time. Please, if you operate a small business or know someone who does, tell then to call their accountant NOW!
This has been kept very low key so the IRS can collect the fines next year. Many accountants are not calling their clients to advise them!
More lies about Obamacare, and more government run amuck!
This applies if you reimburse an employee who purchases their own insurance.
If you give it to them as pay then theres no fine. If you provide a group plan there is no fine.
Wonderful aint it.
I would remind lesser evil voters that their blessed lesser evil better than Democrat Republicants funded this three times after promising to kill Romneycare.
Problem is, if you change their pay now to cover the private insurance cost, it will probably be seen as an attempt to circumvent Obamacare, with even more fines.
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Four More Years! Four More Years!
The robots get really angry when you point that out to them. :)
Thats OK. I like making them angry. If I could make one stroke out with the truth that’d be OK too considering the pain they caused the rest of us.
Hopefully this will come full bear in early 2016.
I thought the rule was you had to carry health insurance or be fined. If they had insurance, what’s the problem?
it doesn’t matter...
the crying oompa loompa from OH and the turkey neck from KY won’t do anything about it.
Au’ Contrare.
“If elected we will work with President Obama” - Mitch and Jonbon.
You know who is most at fault? Their voters and supporters that demanded they be returned to DC KNOWING that they would work with Barry. They were told by the RINOS themselves.
This is what fascism looks like, folks.
I arranged it for my employees so that when we were forced to drop our group plan and send them off to Covered California, we gave them a third pay check each month carefully calculated so the take home after taxes exactly equaled the premium for the minimum Bronze plan. If they chose to upgrade to another plan or company, they could, but we would not pick up that cost. That way, they are paying out of after tax money, it’s still tax deductible for us, and the total cost was considerably lower than the group plan we had that gave lower benefits with higher deductibles. Win-win for us and our employees, but in the long run a freedom loss for everyone. . . But what else could we do?
You only have to have a group policy if you have fifty employees or more. The IRS is trying to rule that franchises are treated as a group of all franchisees for this purpose instead of individual businesses with a contract to operate alike. Idiotic liberal illogic.
Works as long as you are under 50 employees. Not a problem for me.
I believe they will target employers doing this in the future. Not sure how but I cannot believe they would ignore it.
I’m hearing increases of 30% for the group plan. No way can I handle that. Thats basically $3,000 to $5,000 per employee for the year.
This $100 day fine affects ALL employers, regardless of # of employees.
That’s the lie we were all told.
Now $100 day, even if they have insurance!
Are you more than 50 employees?
The fine only applies if you are reimbursing employees for the cost of their privately purchased health plan.
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