Category Archives: Blog

Report of Foreign Bank and Financial Accounts Requirements

Foreign Bank and Financial Accounts Requirements (FBAR) rules were established to protect against international terrorism. The reports filed as a result of this regulation provide leads to investigators that facilitate the identification and tracking of illicit funds or unreported income, as well as providing additional prosecutorial tools to combat money laundering and other crimes.

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Padgett in Washington, D.C. – What Are We Doing for Small Businesses?

As a small business owner, you are undoubtedly already aware of the many services Padgett Business Services provide that simplify and streamline your business and increase your profitability. But, did you know that in addition to providing tax preparation, payroll, financial reporting and business advice, Padgett also serves as your advocate in Washington?

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Understanding Affordable Care Act: Healthcare Trilogy, Part 1

Terminology Related to the Affordable Care Act

There is no doubt that the Affordable Care Act is complex! Below is a list of terms that can assist you in determining how this new law affects you!

Individual Shared Responsibility Penalty Beginning in 2014, individuals without minimum essential coverage for themselves and their dependents will be subject to a penalty. The penalty is the larger of a base amount ($95 per person up to 3 persons for 2014, $325 per person for 2015, and $975 per person for 2016 and after) or a percentage of household income (1% for 2014, 2% for 2015, and 2.5% for 2016 and after).

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Understanding Affordable Care Act: Healthcare Trilogy, Part 2

How many Full-time Employees do you have under the Affordable Care Act?

The Affordable Care Act (ACA) defines a full-time employee as one that works at least 30 hours per week or 130 hours per month for any calendar month. The Full-Time Equivalent Value is determined by dividing the total monthly hours of all other employees by 120. Why are these terms important?

Under the ACA, beginning in 2015, employers with more than 100 full-time equivalent employees (FTEs) must provide affordable health coverage that provides a minimum level of coverage to at least 70% of their FTEs and their dependents or be subject to an Employer Shared Responsibility penalty.

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