COBRA Subsidy
COBRA Subsidies, Eligibility Temporarily Extended
One piece of the Temporary Extension Act of 2010 ( H.R. 4691 ), signed into law earlier this month, was an extension to the COBRA subsidy and eligibility. Through March 31, 2010, employees involuntarily terminated will be eligible for the subsidy as previously clarified by the IRS. Employees already receiving benefits will continue until that date. Under the American Recovery and Reinvestment Act of 2009 , a new employer-provided COBRA subsidy was created to assist individuals who lose their jobs involuntarily during the current economic recession. The subsidy was originally scheduled to expire at the end of last year, but the 2010 Department of Defense Appropriations Act, enacted on December 19,. Read More.
Jobs Bill — Top Priority on Senate’s Return
When the Senate reconvenes on February 22nd, their top priority will be the jobs bill introduced last week by Senate Majority Leader Harry Reid, D-Nev. The original proposal, thought to be an over $85 billion package, was scaled back drastically to $16 billion. The reduced measure includes four main initiatives. The proposed bill would offer an employer payroll tax exemption for new hires, Code Sec. 179 expensing , an extension of the Highway Trust Fund and an expansion of the Build America Bonds program. “This is a simplified, focused bill that addresses our core priority: putting millions of Americans back to work by helping our business community thrive. Read More.
COBRA Subsidy Eligibility Extended Through February 2010
“COBRA” (Consolidated Omnibus Budget Reconciliation Act) coverage remains a benefit to many employees who terminate employment, allowing them to continue receiving employer health care coverage until they either find another job or secure private medical insurance coverage. Under the American Recovery and Reinvestment Act of 2009 , a new employer-provided COBRA subsidy was created to assist individuals who lose their jobs involuntarily during the current economic recession. The subsidy was originally scheduled to expire at the end of last year, but the 2010 Department of Defense Appropriations Act, enacted on December 19, 2009, extended the subsidy’s eligibility period and the maximum duration of COBRA premium assistance. As a result,. Read More.
How Can Your Business Benefit from the American Recovery and Reinvestment Act?
In a recent audio podcast , CB&H’s Scott Duda discussed key provisions of the American Recovery and Reinvestment Act (ARRA) that relate to businesses. The ARRA was signed into law by President Obama in February as part of a federal effort to jumpstart the nation’s economy, save jobs and increase transparency in government actions. “The successful businesses of tomorrow will take advantage of the provisions of this Act to ensure they are better positioned, both now and in the future, than their competitors,” said Duda. In the podcast, Duda talks specifically about: ARRA’s effects on small businesses the criteria to define a small business and the benefits that a small. Read More.
How Can Your Business Benefit from the American Recovery and Reinvestment Act?
In a recent audio podcast , CB&H’s Scott Duda discussed key provisions of the American Recovery and Reinvestment Act (ARRA) that relate to businesses. The ARRA was signed into law by President Obama in February as part of a federal effort to jumpstart the nation’s economy, save jobs and increase transparency in government actions. “The successful businesses of tomorrow will take advantage of the provisions of this Act to ensure they are better positioned, both now and in the future, than their competitors,” said Duda. In the podcast, Duda talks specifically about: ARRA’s effects on small businesses the criteria to define a small business and the benefits that a small. Read More.
Recovery Act’s Employer-Provided COBRA Subsidy Requires Notice by April 18, 2009
The American Recovery and Reinvestment Act of 2009 created a new employer-provided COBRA subsidy to assist individuals who lose their jobs involuntarily during the current economic recession. Employers are required under the Act to pay this subsidy, equal to 65% of the COBRA continuation healthcare insurance premium cost, for any qualified individuals involuntarily terminated from employment between September 1, 2008 and December 1, 2009. The IRS recently clarified that employers will be able to recover the costs of this subsidy from the government via a credit to their quarterly payroll tax return. The IRS also recently clarified the definition of “involuntary termination” to also include individuals who: Decline to. Read More.