Small Business Health Care Tax Credit

During 2010, Congress passed the Small Business Health Care Tax Credit. If you pay more than 50% of your employees' health care coverage you may be entitled to this tax credit.

            Although the rules state you must employee 25 or less employees and the average annual salary must be less than $50,000, don't assume you don't qualify simply because you employ more than 25 people or you think your average salary is above the limit. The calculation of number of people employed is based upon full time equivalents (FTEs) and certain types of employees are exempted from the calculation. So, if there is a chance you may qualify, complete the census data form and let us make the calculations for you.

           

            For tax years 2010 to 2013, the maximum credit is 35% of premiums paid by small businesses and 25% of premiums paid by eligible tax-exempt organizations.  Beginning in 2014, the maximum credit will increase to 50% and 35% of premiums paid by small businesses and tax-exempt organizations, respectively.

            If you did not pay over 50% of health insurance for your employees in 2010, there is no need to complete the worksheet.  However, you may find it useful to use the worksheet as a planning tool for future years to determine if it is worth-while to begin paying more than 50% of health insurance premiums for your employees. 

            Please feel free to call us if you have any further questions in regards to this new legislation.

Riley and Company, Inc. Announces Two New Certified Public Accountants

Riley and Company, Inc. is proud to announce the designation of two staff members as certified public accounts. John P. Boylan of Tannersville and Katherine Moyer of Shawnee on Delaware recently completed the necessary requirements to attain this prestigious certification. John Boylan is a graduate of Wilkes University and has worked for the firm for over five years. Katherine Moyer is a graduate of Fordham University in Bronx, NY and has seven years of accounting experience.

Riley and Company, Inc. is a full service accounting firm specializing in audits, taxes, payroll and bookkeeping as well as fraud examinations and litigation support.   For further information, please visit our website at www.rileyandcompany.com

Both John and Katherine are members of the firm’s tax department and currently accepting new clients.

Mission Statement

We, the employees of Riley and Company, Inc.,


Are committed to providing our clients with quality service by employing the highest standards of business conduct, ethics and integrity;

Promote the individual development of each fellow employee and recognize the need to work as a team.