Affordability Safe Harbors

Determining the affordability of the health coverage offered to your full-time employees and their dependents can be a bit complex. To put it simply, provided coverage is considered affordable if the premium constitutes less than 9.5% (adjusted annually) of the household income of an eligible employee for the plan year.

Since household income can be difficult to determine, due to factors such as spousal or secondary income, the IRS offers three safe harbor options to assist in determining affordability: Continue reading Affordability Safe Harbors

Prepare, Distribute, File: The BoomTax Quick Guide for TY2020

Another tax year, another filing season! With BoomTax, you don’t have to spend endless hours laboring over getting your filings prepared and submitted to the IRS. Whether you’re brand new to BoomTax or have been a long-time customer, we’re always happy to help with your tax filing needs. With this in mind, we’ve put together a quick guide for how to timely prepare, distribute, and file your tax forms using BoomTax.

We’ve designed our process to be as simple as possible to get your ACA, 1099, and W-2 filings timely transmitted to the IRS.

Continue reading Prepare, Distribute, File: The BoomTax Quick Guide for TY2020

Affordability Safe Harbors – Tax Year 2020

Determining the affordability of the health coverage offered to your full-time employees and their dependents can be a bit complex. To put it simply, provided coverage is considered affordable if the premium constitutes less than 9.78% of the household income of an eligible employee for plans starting in 2020.

The ACA originally set the affordability threshold at 9.5% of an employee’s household income, and the IRS has adjusted it annually.

Since household income can be difficult to determine, due to factors such as spousal or secondary income, the IRS offers three safe harbor options to assist in determining affordability: Continue reading Affordability Safe Harbors – Tax Year 2020