By now you've probably heard about the Supreme Court's ruling that the Affordable Care Act (ACA) is largely constitutional. What does this outcome mean for you as an employer? For the time being at least, much of the uncertainty has been removed so you should look at the following areas to ensure your legal compliance:

• Summary of Benefits and Coverage (SBC.) Employers sponsoring group health plans should ensure compliance with the SBC provisions. These require distribution of a Summary of Benefits and Coverage regarding your health plan during upcoming open enrollment periods.  The summaries must be distributed no later than the first day of the first open enrollment period beginning on or after September 23, 2012.
• Form W-2 Health Care Reporting. Employers that issued fewer than 250 W-2s last year have been given transition relief from the provision that states that forms W-2 for calendar year 2012 (generally provided in January, 2013) and beyond must include the annual cost of group health coverage in Box 12 using code DD. The amount is reported for exemption for 2012 (and perhaps beyond) pending further guidance from the IRS.
• Health Plan Components. Employer group health plans will be prohibited from imposing lifetime or annual maximums on benefit amounts and pre-existing condition limitations by 2014.  The law already mandates that plans provide coverage for subscribers' children up to age 26 and that, unless grandfathered, specific preventative care benefits have first dollar coverage.
• Health Flexible Spending Account (FSA) Limits. For plan years beginning in 2013, annual contributions will be limited to $2,500. If you offer an FSA with a higher limit, you'll need to adjust the plan document, communicate the change to employees and provide updated summary plan descriptions.

For more details visit: What Does the Supreme Court Ruling Mean to Business Owners?

Congrats to our clients who have been making headlines!

• Jack Glaser of MBF Bioscience was interviewed by VT Public Television as part of a series that will air in October entitled, "Emerging Science."  For more information please click here.
• Island Music Company was recently featured in The Music Trades, a national trades publication, to highlight the opening of a new location. To view the complete article please click here.
• Marc Sherman, owner of Stowe Mercantile was elected President of the Vermont Retail Association at its recent annual meeting.  To view the article featured in Vermont Business Magazine click here.

Q: What is the best method for getting my QuickBooks file to the firm? 

For the answer to this question we referred to Anna Perreault, Client Relations Associate.

A:  The web portal is the most secure and fastest way to get your information to us.  Simply save a copy of your QB's backup on your desktop or a flash drive and follow the instructions below for transmitting the file or documents to us.

To upload and transmit files 

1. Go to www.dh-cpa.com
2. There will be a list on the left hand side of the screen. The last item on the list is "Client Login".  Select that link.
3. Enter your login (case and space sensitive)
   NOTE: If you are not set up on the portal yet and do not have a login id or you cannot remember your login id please call our office at 802.878.1963.
4. Enter your password - (case and space sensitive)
   NOTE: If you cannot remember your password simply click "forgot password" and you have the option to create a new password.
5. You will be brought to a Dashboard with an insert box labeled "Document Management".
6. Double click on "File Exchange" (it may say 0 new files - ignore this).
7. You will see your folder labeled with your name - double click on that folder
8. At the top of that screen you will see an "UPLOAD" icon appear - double click on that icon
9. A large "upload" text box will appear.  Click on the "Add Files" box at the bottom of this window.
10. Navigate to your saved QB's backup file or whatever documents you are sending us.  Choose the correct file and select "Open".
11. The file will then appear in the text box.  Click "Start Upload" at the bottom of the screen.
12. If you wish to cancel the transmission - click on the red "minus" button on the far right of the screen.

Once the transmission is complete, we will receive an email notification that a file exchange is ready to be downloaded. 

Look for the following in next month's Q&A corner:

"Will I be charged a penalty if I do not pay the estimated tax payments that the firm set up for me?"

Do you have a question for us? Please email your questions to info@dh-cpa.com.  We will address your question promptly and may include it in a future issue!

Being a client and/or referral of Davis & Hodgdon Associates entitles you to the benefit of receiving up-to-the-minute information via Twitter that impacts you and your business, so become a follower today! 

Subscribe to the Davis & Hodgdon Associates blog today and get access to information and resources posted weekly.  Simply visit: http://blog.dh-cpa.com/ and enter your email address in the "Get Email Updates" field.