The 21st Century Cures Act, signed into law on December 13, 2016, includes good news for small businesses that have been prohibited in recent years from providing their employees with HRAs. Specifically, beginning January 1, 2017, qualified small employers can use HRAs to reimburse employees who purchase individual insurance coverage, rather than providing employees with costly group health plans. This article explains why small employers were unable to offer “standalone” HRAs to employees and details the new QSEHRAs.
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2016 tax liability — you just must act by December 31. This article details six actions to take before year end.
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