MN Digital Sales Tax and Affordable Health Care Act

MSAE's Financial & Accounting Networking Group met last November to discuss the MN Digital Sales Tax and Affordable Health Care Act.  Here are the top takeaways from the meeting:

• Health care is a moving target, no firm plans to change.
• It was not legislative intent to tax on demand education, dealing with how to handle it now.
• Can't have tax that is discriminatory (some taxed) - in-state vs. out-state.
• To change the MN Digital Sales Tax, we need a coordinated effort - stay tuned for updates and contact your congressperson.

These issues are sure to come up again, we'll keep you posted as we learn more.  

Health Insurance and Benefits

At the October Financial & Accounting Networking Group meeting, we discussed health insurance and benefits.  Some of the items covered were HSA's, self-insured portion, Obamacare, public/private exchanges, small business health insurance credit, tax provisions for 2014 and more.  Here are the top takeaways:

• Be more aware of what you are offering (programs, etc.) and look at it annually.  Individuals being insured need to be aware of plan - communicate costs to association with your employees.
• There are a wide variety of options out there - not one size fits all, you will pay if not aware. 
• Stay on top of new changes to the law.  

Health Care Reform

Takeaways from the Financial Networking Group Meeting - 2/3/11

1. Be vigilant and stay informed
   
2. Find good resources, RJF Agencies offers free health care compliance updates
   
3. Right now, there are a lot of questions - there is much more to come!

Resources:

• Small Business Health Care Tax Credit for Employers with fewer than 25 employees
• Form 8941: Credit for Small Employer Health Insurance Premiums
  
• IRS Webinar on Small Business Health Care Tax Credit on 2/16/11
  

In my opinion

Yes, my personal opinion...Medica's attempt to highly rate doctors that provide 'cost effective' treatment is an insult to consumers and certainly to Doctors. What med school did Medica employees attend?