Accountant Resources
Your clients may have questions about Health Care Reform. Make sure you have the answers, with resources from Paychex Insurance Agency. We can help you cut through the confusion to educate, and provide reassurance regarding Health Care Reform provisions that may impact your clients.
We invite you to use the information and tools on PaychexInsurance.com to help you consult with clients on important Health Care Reform provisions†, including:
- Identify clients that may qualify for the credits.
- Assist in determining client eligibility. Clients of Paychex Insurance Agency and Paychex Payroll receive a Small Business Tax Credits Package that includes:
- Instructions, information about some key eligibility requirements, and general information about the credits.
- Health Care Wage and Premium Report, detailing:
- Total annual payroll hours and wages earned by employees
- Total insurance premium contributions in dollars and as a percentage of the total premium amount.
Also consider working with your clients on other tax-related topics like:
- Medicare tax withholding.
- "Investment" tax (return-on-investment).
- Educate clients on what causes plans to lose their grandfathered status.
- Provide information on how they could maintain grandfathered status.
- Educate clients on identifying highly compensated employees (HCEs) and the value of the coverage to be taxed.
- Educate clients on determining if their coverage is non-discriminatory.
- Demonstrate how Simple Cafeteria Plans provide a "safe harbor" to avoid non-discrimination testing requirements.
- Inform clients who have HSAs that non-qualified distributions are now taxed at 20% rather than 10%.
- Educate clients on notifying participating employees of the over-the-counter FSA reimbursement changes (for clients with FSA plans with Paychex, Inc. as the recordkeeper).
- Educate clients on information needed for them to provide their employees with resources to explain the maximum contribution limit for FSAs (for clients with FSA plans with Paychex, Inc. as the recordkeeper).
- Determine if your clients' carriers will allow dependents to remain on the policy until the plan renewal date.
- Determine recommended changes regarding deductions if there is a change in premium as a result of the expansion of young adult coverage.
- Ensure clients have information needed in order to establish procedures to collect data from premium statements.
- Determine the value of all client health coverage provided by the Paychex Insurance Agency.
Paychex Insurance Agency Can Help
Paychex Insurance Agency is a full-service organization that has taken a leadership role in transforming how businesses adapt to and benefit from the rapidly changing insurance industry. We're ready to offer information and assistance to help you and your clients navigate the recent Health Care Reform initiatives.
Health Care Reform Updates
With access to legislative and regulatory specialists in Washington, D.C. and expert, in-house sources of legal and compliance guidance, Paychex Insurance Agency is your source for Health Care Reform knowledge, tools, and resources.
† Client-specific questions received by Paychex Insurance Agency are referred to those individuals' tax or benefits professionals.
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