• Contact Us
  • Advertise
  • Privacy Policy
  • Terms of Use
  • Members
  • Sign in
Westfair Communications
  • HOME
    • WESTCHESTER
    • FAIRFIELD
  • E-EDITIONS
    • Business Journal
    • Podcasts
  • MEMBERS
  • BUSINESS LISTS
  • INDUSTRIES
    • Real Estate
    • Economic Development
    • Hudson Valley
    • Courts
    • Banking & Finance
    • Construction
    • Economy
    • Education
    • Health Care
    • Food & Beverage
    • Government
    • Mergers & Acquisitions
    • Nonprofits
    • Retail
    • Technology
    • Home & Design
    • Health & Fitness
    • Travel
    • Lifestyle
  • SMALL BUSINESS
    • Small Business
    • Food & Restaurants
  • EVENTS
    • 2025 40 Under Forty
    • 2025 Women Innovators
    • 2025 C-Suite Awards
    • 2025 Doctors of Distinction
    • 2025 Hispanic Business Leaders
    • Events Calendar
    • Past Events
      • 2025
        • 2025 Women in Power
        • 2025 Millennial & Gen Z
        • 2025 Real Estate
      • 2024
        • 2024 Doctors of Distinction
        • 2024 Women Innovators
        • 2024 40 Under 40
        • 2024 Real Estate
        • 2024 Women In Power
      • 2023
        • 2023 Women In Power
        • Milli + Genz
        • Women Innovators
        • Forty Under 40
        • Doctors of Distinction
        • Real Estate
      • 2022
        • 2022 Millennial + GenZ Awards
        • 2022 C-Suite Awards
        • 2022 Doctors of Distinction
        • 2022 THE FUTURE OF REAL ESTATE
        • 2022 FORTY UNDER 40
      • 2021
        • 2021 FORTY UNDER 40 VIRTUAL EVENT
        • 2021 TOP WEALTH ADVISORS Virtual Event
        • 2021 Milli + GenZ Awards
        • 2021 C-SUITE
        • 2021 DOCTORS OF DISTINCTION
  • GOOD THINGS
  • VIDEOS
    • Our Starting Lineup
    • News Videos
  • PARTNERS
  • ADVERTISE
  • SUBSCRIBEACT NOW
    • NEWSLETTERS
    • DIGITAL ACCESS
No Result
View All Result
  • HOME
    • WESTCHESTER
    • FAIRFIELD
  • E-EDITIONS
    • Business Journal
    • Podcasts
  • MEMBERS
  • BUSINESS LISTS
  • INDUSTRIES
    • Real Estate
    • Economic Development
    • Hudson Valley
    • Courts
    • Banking & Finance
    • Construction
    • Economy
    • Education
    • Health Care
    • Food & Beverage
    • Government
    • Mergers & Acquisitions
    • Nonprofits
    • Retail
    • Technology
    • Home & Design
    • Health & Fitness
    • Travel
    • Lifestyle
  • SMALL BUSINESS
    • Small Business
    • Food & Restaurants
  • EVENTS
    • 2025 40 Under Forty
    • 2025 Women Innovators
    • 2025 C-Suite Awards
    • 2025 Doctors of Distinction
    • 2025 Hispanic Business Leaders
    • Events Calendar
    • Past Events
      • 2025
        • 2025 Women in Power
        • 2025 Millennial & Gen Z
        • 2025 Real Estate
      • 2024
        • 2024 Doctors of Distinction
        • 2024 Women Innovators
        • 2024 40 Under 40
        • 2024 Real Estate
        • 2024 Women In Power
      • 2023
        • 2023 Women In Power
        • Milli + Genz
        • Women Innovators
        • Forty Under 40
        • Doctors of Distinction
        • Real Estate
      • 2022
        • 2022 Millennial + GenZ Awards
        • 2022 C-Suite Awards
        • 2022 Doctors of Distinction
        • 2022 THE FUTURE OF REAL ESTATE
        • 2022 FORTY UNDER 40
      • 2021
        • 2021 FORTY UNDER 40 VIRTUAL EVENT
        • 2021 TOP WEALTH ADVISORS Virtual Event
        • 2021 Milli + GenZ Awards
        • 2021 C-SUITE
        • 2021 DOCTORS OF DISTINCTION
  • GOOD THINGS
  • VIDEOS
    • Our Starting Lineup
    • News Videos
  • PARTNERS
  • ADVERTISE
  • SUBSCRIBEACT NOW
    • NEWSLETTERS
    • DIGITAL ACCESS
No Result
View All Result
No Result
View All Result
Home Fairfield

With tax credits, health reform arrives

Alexander Soule by Alexander Soule
February 11, 2011
Reading Time: 3 mins read
1
Share on FacebookShare on TwitterShare on LinkedIn
Order your reprint PDF today
Print Full Article

While most organizations are not waiting for a repeal of health care reform, many are looking for further guidance on specific provisions of the law before making decisions on their benefits plans, according to a new poll by the Society for Human Resource Management.

In the SHRM poll, more human-resource professionals ”“ 62 percent ”“ reported being comfortable with their knowledge of the Patient Protection and Affordable Care Act, up from 48 percent in June.

Still, helping employees understand new health-plan features was the greatest challenge during the recent open enrollment period for insurance, according to a separate survey by New York City-based Towers Watson & Co. Implementing the first phase of health care reform-related administrative changes was relatively easy for companies polled.

Calculating the tax credit

For many businesses, the Affordable Care Act kicks in with this year”™s tax returns covering 2010 income, for which some small businesses can claim a new tax credit for offering health insurance to their employees. The Internal Revenue Service has made available a draft of Form 8941, which businesses can use to calculate the health care tax credit, in advance of a final version of the form later this year.

The tax credits cover 35 percent of premiums paid by small businesses ”“ as an example cited by the U.S. Department of Health and Human Services (HHS), a company with 10 workers who earn an average of $20,000 a year could currently receive credits of $35,000.

Even as business owners are adding up their tax credits, lawmakers continue to add up votes in Congress for or against the Affordable Care Act ”“ and legal decisions from the bench.

Going to the courts

So far this year, the U.S. Senate and U.S. House of Representatives have split on continuing federal health reform under its current form, with the Senate voting in early February on party lines to continue reform as presently constructed.

For now, that has all eyes on the U.S. Supreme Court, which could take up one or more cases wending their way through the federal court system ”“ at present four decisions have been split as issued by U.S. district judges. Virginia”™s attorney general indicated in early February he would seek an expedited Supreme Court hearing on a district judge”™s ruling that the individual insurance mandates are unconstitutional as imposed as part of the act.

With more than 20 states ”“ a number that does not include New York ”“ the National Federation of Independent Business is a plaintiff in another lawsuit fighting the constitutionality of the Affordable Care Act, arguing the commerce clause of the Constitution prevents the government from forcing citizens to buy a product or service against their will.

“The mandates, penalties and regulatory burdens imposed by this law are costly and confusing to Connecticut small businesses,” said Andrew Markowski, NFIB”™s state director in Connecticut, in prepared remarks attributed in identical form to NFIB”™s state director in New York. “We are very pleased by the judge”™s ruling today and we are confident that higher courts will agree that the law is an unprecedented and unconstitutional power-grab by the federal government.”

Help or hinder?

Disagreement reigns supreme with regard to whether the act will help or hinder small businesses, factoring immediate benefits like the small-business tax credit against taxes and fees in the longer term ”“ and the overall uncertainty whether premiums will come down. The Congressional Budget Office estimates the Affordable Care Act will reduce the cost of small-business health insurance premiums by between 1 percent and 4 percent.

HHS last month published what it said was an accounting of the cost of repealing the act in New York ”“ including costs on small businesses.

At least one claim appears suspect in light of parallel New York law. HHS says 78,000 young adults would lose their insurance coverage through their parents”™ health plans thanks to an Affordable Care Act provision that allows them to stay on those plans through the age of 26 ”“ apparently ignoring a 2009 state law that allows those dependents to stay on their parent”™s plans until they turn 30.

What”™s more, in the SHRM poll more than half of businesses polled cited the cost of adding benefits for adult children as a barrier to implementing early health reform.

This page is available to subscribers. Click here to sign in or get access.

Previous Post

New programs tailored to nursing’s expanding role

Next Post

Worker development at crossroads

Alexander Soule

Alexander Soule

Bio: Former Fairfield County Bureau Chief Fairfield County Business Journal

Related Posts

FIRST AND ONLY HOSPITAL IN STATE TO RECEIVE CHAC CERTIFICATION
Business Journals

FIRST AND ONLY HOSPITAL IN STATE TO RECEIVE CHAC CERTIFICATION

May 16, 2025
Agriculture

Tom Cingari Jr.’s passion for produce

May 16, 2025
Bridgeport Hospital certified as Thrombectomy-Capable Stroke Center
Business Journals

Bridgeport Hospital starts prehospital blood transfusion program

May 16, 2025
Next Post

Worker development at crossroads

Putnam on new health care path

Home-health providers wary of co-pay proposal

Comments 1

  1. Justin says:
    14 years ago

    The IRS estimates that it will take 12-17 hours to calculate the Small Business Health Care Tax Credit, as per Form 8941. The http://www.smallbusinesstaxcreditcalculator.com calculates the credit and fills lines 1-14 on Form 8941 in minutes.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe to our newsletter

Lifestyle

  • Exclusives
  • Good Things Happening
  • Food & Restaurants
  • Travel
  • Health & Fitness
  • Home & Design

World News

U.S. and world news for Dec. 4
World News

CNN WIRE — GOP hardliners defy party leaders and Trump as they vote to block agenda

by CNN Wire
May 16, 2025
0

By Sarah Ferris, Lauren Fox and Haley Talbot, CNN (CNN) — President Donald Trump’s agenda and "big beautiful" budget bill...

U.S. and world news for May 16

U.S. and world news for May 16

May 16, 2025
CNN WIRE — Justice Sotomayor plans to remain on Supreme Court: VIDEO

CNN WIRE — Takeaways from the Supreme Court arguments on birthright citizenship and nationwide injunctions

May 15, 2025
U.S. and world news for May 15

U.S. and world news for May 15

May 15, 2025
CNN WIRE — Lawyers cleared AG Bondi memo on legality of Trump accepting 747 from Qatar

CNN WIRE — Lawyers cleared AG Bondi memo on legality of Trump accepting 747 from Qatar

May 14, 2025
U.S. and world news for May 14

U.S. and world news for May 14

May 14, 2025
No Result
View All Result

Latest News

U.S. and world news for Dec. 4
World News

CNN WIRE — GOP hardliners defy party leaders and Trump as they vote to block agenda

by CNN Wire
May 16, 2025
0

By Sarah Ferris, Lauren Fox and Haley Talbot, CNN (CNN) — President Donald Trump’s agenda and "big...

FIRST AND ONLY HOSPITAL IN STATE TO RECEIVE CHAC CERTIFICATION

FIRST AND ONLY HOSPITAL IN STATE TO RECEIVE CHAC CERTIFICATION

May 16, 2025
U.S. and world news for May 16

U.S. and world news for May 16

May 16, 2025

Tom Cingari Jr.’s passion for produce

May 16, 2025
Eye on Small Businesses: The Croton Tapsmith and CKO Croton

Eye on Small Businesses: The Croton Tapsmith and CKO Croton

May 16, 2025
Logo Westfair Business Journal

Latest News

CNN WIRE — GOP hardliners defy party leaders and Trump as they vote to block agenda

FIRST AND ONLY HOSPITAL IN STATE TO RECEIVE CHAC CERTIFICATION

U.S. and world news for May 16

  • About Us
  • Contact Us
  • Advertise
  • Privacy Policy
  • Terms of Use
  • Sign in

Trending Westchester

Subscribe to our newsletter

© 2024 Westfair Business Publications. All rights reserved. Westfair Communications (Westfair), a privately held publishing firm based in Mount Kisco, N.Y., publishes the Westchester County Business Journal in New York state and the Fairfield County Business Journal in Connecticut.

No Result
View All Result
  • HOME
    • WESTCHESTER
    • FAIRFIELD
  • E-EDITIONS
    • Business Journal
    • Podcasts
  • MEMBERS
  • BUSINESS LISTS
  • INDUSTRIES
    • Real Estate
    • Economic Development
    • Hudson Valley
    • Courts
    • Banking & Finance
    • Construction
    • Economy
    • Education
    • Health Care
    • Food & Beverage
    • Government
    • Mergers & Acquisitions
    • Nonprofits
    • Retail
    • Technology
    • Home & Design
    • Health & Fitness
    • Travel
    • Lifestyle
  • SMALL BUSINESS
    • Small Business
    • Food & Restaurants
  • EVENTS
    • 2025 40 Under Forty
    • 2025 Women Innovators
    • 2025 C-Suite Awards
    • 2025 Doctors of Distinction
    • 2025 Hispanic Business Leaders
    • Events Calendar
    • Past Events
      • 2025
      • 2024
      • 2023
      • 2022
      • 2021
  • GOOD THINGS
  • VIDEOS
    • Our Starting Lineup
    • News Videos
  • PARTNERS
  • ADVERTISE
  • SUBSCRIBE
    • NEWSLETTERS
    • DIGITAL ACCESS

© 2024 Westfair Business Journal. All rights reserved.

Notifications

  • My Account
  • Sign In
  • Subscribe
  • Sign Out