Small business still doesn’t understand health reform

By Dan Wisniewski

By this point, every company knows what they have to do to comply with healthcare reform, right? A new study says that might not be the case.

More than 55% of employers with 50 or fewer employees believe they’ll have to provide health insurance for their employees come next year or pay a fine.

If that sounds off to you, that’s because it is — the fine for not providing health care to staff members only applies to companies with 50 or more employees working at least 30 hours a week (or an equivalent number of part-time staff).

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Tip Tuesday: President Signs Repeal of Expanded 1099 Requirements

From the Journal of Accountancy: 

On Thursday, President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR 4; 1099 Act), which repeals both the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation and also the 1099 reporting requirements imposed on taxpayers who receive rental income enacted as part of last year’s Small Business Jobs Act (PL 111-240). The Senate approved the bill on April 5, and the House voted in favor of it on March 3.

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