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100 A Day Penalty Are You Exempt?

10/7/2019

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The $100-a-day Penalty is quite simple for certain entities.  You may have wondered why certain entities can pay for or reimburse a solo owner-employee’s individually purchased health insurance without worrying about the $100-a-day penalty.
 
The answer is that some entities payments of the solo shareholder-employee’s individual health insurance premiums are exempt from the $100-a-day penalty.
 
The exemption does not apply to health coverage for the rank-and-file employees. For the rank and file, you need either

  • a qualified small-employer health reimbursement arrangement (QSEHRA), or
  • group health insurance.
 
If you would like me to review your health coverage for compliance with the tax rules, please call me on my direct line at 262-358-8297.
 

Call Us! 262-358-8297
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    Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

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    Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion.  Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

    Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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