News Quick List
- 2021 Tax Filing Date Extended
(posted: Mar, 2021)2021 filing date is now May 17.
- COVID-19 Update April 13
(posted: Apr, 2020)Stimulus payments, guidelines for Paycheck Protection Loans, & more.
- COVID-19 Update: Fed & State Tax Deadlines
(posted: Mar, 2020)IRS payment deadline delayed, but extensions must still be filed by April 15th
- COVID-19 Update: PSVS Still Processing Returns
(posted: Mar, 2020)We are working remotely to process tax returns during the Bay Area lock down.
- IRS Needs TAP Volunteers
(posted: Feb, 2020)Be a part of improving IRS service & customer satisfaction
- 7 Tax Implications of the New Lease Accounting Standards
(posted: Jul, 2019)Businesses need to prepare for the various tax implications that are likely to ensue.
- 2019 Key Deadlines for Businesses And Other Employers
(posted: Jun, 2019)Important 3rd quarter deadlines for businesses.
- February is B Corp Month
(posted: Feb, 2019)Learn a little about this business certification
- Fed relief for Californians Hit by Fires
(posted: Nov, 2018)Some victims of California's recent wildfires may qualify for federal Disaster Unemployment Assistan...
- 401k Limit Increases in 2019
(posted: Oct, 2018)Annual cost of living adjustments increase the dollar amounts for retirment accounts in 2019.
- Buy a Tesla Before the End of 2018
(posted: Jul, 2018)Tax credit will start to phase out in 2019
- Forming a California LLC?
(posted: Jul, 2018)Online tool lets CA owners submit LLC documents online
- IRS Online Tax Tools
(posted: Mar, 2018)IRS reminds you that they have a variety of useful tax tools online.
- New Email Addresses
(posted: Sep, 2017)Full list of PSVS email addresses is here!
- Our New Name: PSVS
(posted: Aug, 2017)We are now Polly, Scatena, Vasheresse and Sater!
- Partner Marcena May Retires
(posted: Jun, 2017)Congratulations and we wish her the best in her new chapter.
- Startups Have New Option for Research Tax Credit
(posted: May, 2017)IRS offers a new option for startups to apply their research credit.
- Amazon to Collect Sales Taxes Nationwide Starting April 1st
(posted: Mar, 2017)Adding the final four states means Amazon will be officially adhering to state sales tax laws.
- Understanding the Small Business Health Care Tax Credit
(posted: Jan, 2017)Find out if your business qualifies for a tax credit.
- PSVM Appoints Sabrina Sater Partner
(posted: Dec, 2016)Sabrina has been with the firm since 1999, and specializes in individual, partnership, corporate, an...
- IRS e-Services Requires Re-registration
(posted: Sep, 2016)Starting October 24 users will be asked to update their information.
- IRS Slashes Fee for Small Exempt Orgs
(posted: May, 2016)IRS lowers fee for small groups to apply for tax-exempt status, July 1st.
- Health Savings Account Limits Released
(posted: Apr, 2016)IRS has released the limits for HSAs for 2017
- Electronic Signatures with RightSignature
(posted: Feb, 2016)New! Convenient digital signing.
- Changes to Tax Credits in 2016
(posted: Jan, 2016)New law affects the child tax credit, the American opportunity credit, and the earned income tax cre...
- Tax Return Filing Deadlines Altered A Bit
(posted: Sep, 2015)For businesses, and owners with foreign accounts.
- California College Access Tax Credit Expanded and Extended
(posted: Aug, 2015)Includes changes to the CATC that favor taxpayers...
- IRS - Final Portability Rules for Estate Tax Exemptions
(posted: Jun, 2015)The final rules adopt temporary regulations issued three years ago with a few clarifying changes.
- More Time To Claim Work Opportunity Tax Credit
(posted: Feb, 2015)Under the extension, timely filing is now April 30, 2015...
- IRS: Outstanding Claims for FICA Tax Refunds Denied
(posted: Feb, 2015)IRS announced that it will reject all of the 3,000+ refund claims...
- MyRA Approved, Launches in 2015
(posted: Jan, 2015)The new myRA (my Retirement Account) savings plan was approved for employees without employer-provid...
- IRS Mileage Rate for 2015
(posted: Dec, 2014)Amounts change, but only slightly...
- Bare Minimum Tax Breaks
(posted: Dec, 2014)Over 50 tax breaks extended to the end of this year, avoiding delays in refunds for taxpayers but le...
- 401(k) Limit Increases in 2015
(posted: Oct, 2014)Save more in 2015!
- Changes to Cafeteria Plan Election Rules
(posted: Sep, 2014)New cafeteria plan election rules.
- Bill to Prevent Tax Refund Theft
(posted: Aug, 2014)Senate bill proposed to prevent tax refund theft...
- Auditing for GASB Pension Standards
(posted: May, 2014)The American Institute of CPAs' Auditing Standards Board has issued three auditing interpretations i...
- Commercial Real Estate Tax Changes for 2014
(posted: Feb, 2014)In June of last year, the Legislature passed Assembly Bill 92 (AB 92) which added California Revenue...
PSVS News
All the latest news that is "fit to print" - along with all our archived news items.
Understanding the Small Business Health Care Tax Credit
(posted: January 30th, 2017)
The Small Business Health Care Tax Credit is designed to encourage small businesses and small tax-exempt employers to offer health insurance coverage to their employees. In general, an employer may be eligible for the credit for tax year 2016 if it:
- Had fewer than 25 full-time equivalent employees
- Paid an average wage of less than $52,000 a year
- Paid at least half of employee health insurance premiums
- Paid premiums on behalf of employees enrolled in a qualified health plan offered through the Small Business Health Options Program (SHOP) Marketplace or Covered California
Key Facts
Employers seeking to claim the credit should know the following key facts:
- The maximum credit is 50% of premiums paid for small business employers and 35% of premiums paid for small tax-exempt employers.
- Small employers may claim the credit for no more than two consecutive taxable years, beginning in tax year 2014.
- Eligible small employers (other than those that are tax-exempt) may claim the credit on their annual income tax returns, with an attached Form 8941, Credit for Small Employer Health Insurance Premiums, showing the calculation of the credit.
