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Release Date: Wednesday, March 05, 2014
Media Contact: Carin McDonald (201) 796-7788
Program Addresses Affordable Care Act and Tax Law Changes
CLIFTON, N.J., March 5, 2014 – The latest developments related to the Affordable Care Act and 2014 tax law changes punctuated the discussion at a recent Financial Managers Forum hosted by SaxBST. The multi-disciplinary accounting, tax and advisory firm welcomed guests to its Clifton office for the program as part of an ongoing industry education series.
Featuring SaxBST partners Marc Blumenthal and Steven P. Kaplan as guest speakers, the forum provided an update on how businesses and healthcare providers are responding to the Affordable Care Act. “Employers want to remain competitive and paternalistic by offering insurance, rather than subsidizing employees,” Blumenthal said. “However, companies with employees making under $40,000 can pay a $3,000 penalty, which will cost them less than having to provide insurance.”
The program also provided an overview of expiring and new tax provisions that may impact small-to-mid-sized companies. “Fifty-five tax provisions are expiring, some of which may be reinstated,” Kaplan noted. “As for new laws, the last major tax reform was in 1986. While we do not anticipate a major overhaul in the very near future, there are some interesting proposed provisions, including one that would offer incentives for bringing jobs back to the U.S., rather than outsourcing.”
For information about upcoming Financial Managers Forums or other events, call (973) 472-6250.
One of the top 100 accounting firms nationally, SaxBST is a multi-disciplinary accounting, tax and advisory firm serving the needs of closely held companies, family-owned businesses, not-for-profit entities and high-net-worth individuals throughout the New York tri-state area. Based in Albany, N.Y.; Clifton, N.J.; Mineola, N.Y. and New York City, SaxBST is the outgrowth of a merger between two of the area’s most prominent accounting firms, Sax Macy Fromm & Co., PC (SMF) and Bollam, Sheedy, Torani & Co. LLP (BST). SaxBST’s expertise covers a range of industry areas and niches including real estate, construction, manufacturing and distribution, employee benefits, retail, financial services, healthcare, professional services, not-for-profit, governmental entities and labor unions.