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New Health Care Laws for Small Business Owners, Accounting Reports You Should be Paying Attention to, and How to Beat the Summer Slowdown

KNOW | TWELVE, JULY 2019 

The Trump Administration's Newest Health Care Rule Could Shake Up Small Business Benefits Nationwide

In less than six months, small business employees could have some of the same health insurance tax benefits as workers at large corporations.

 

Last month, the Trump administration issued a rule making health reimbursement arrangement (HRA) plans more accessible to workers nationwide. The use of HRA plans, which are funded with pre-tax money by employers, has long been restricted to exclude paying for insurance premiums. The new ruling, which goes into effect in January 2020, will change that.

 

Historically, larger organizations with many employees have more negotiating power than smaller firms, and can obtain stronger health insurance plans for their employees at lower rates. The Trump administration is framing the new rule as a way for some small businesses to level the playing field.

 

"There are some employers who would like to offer their employees health coverage, but the requirements have become so extensive or the cost has become so high, that they aren't able to," Alexandra Campau, a former special assistant for health policy to President Trump, told the Journal. - INC

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Amazon’s Foray into Healthcare

KNOW | TWELVE, JANUARY 2019 

Translating the New Tax Bill for Small Businesses

Business owners have many questions since the passage of the massive new tax bill. This article outlines what’s in the new provision, who it affects, and why you likely don’t need to change a thing to benefit. The most important outcome of the new tax law (officially the Tax Cuts and Jobs Act, or TCJA) was to give a large, permanent tax cut to corporations. But most businesses in the US are small businesses, not large corporations.

 

So rightfully, Congress introduced a provision into the TCJA to create a little more parity, called the deduction for Qualified Business Income (QBI) (also known as Section 199A). This provision, unlike the corporate tax cuts, is strictly for businesses known as “pass-through entities.” In terms of taxation, there is only one corporate entity that actually pays taxes, the C-Corporation.

 

A C-Corporation is usually very large and is primarily structured in order to take on shareholders, as a public company or one that is traded on the stock market. Every other type of business, from a tax standpoint, is known as a pass-through entity. The new deduction for Qualified Business Income (QBI), allows you to deduct 20% of your “qualified business income” from your total business income. For example, if I made $100,000 in profit from selling paintings as an artist, I get to deduct 20% of that — ie, $20,000. This benefit is phased out for individuals making between $157,500 ($315,000 if married) and $207,500 ($415,000 if married) in a number of service-based fields. There are a ton of details and restrictions in this particular new provision, especially if your income falls within the phase-out window, so know that you need to do research or talk to your accountant before you apply it. - Hyperallergic.com  

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Google Calendar SMS Notifications Cancelled

KNOW | TWELVE, DECEMBER 2018 

Google Calendar SMS Notifications cancelled

SMS notifications for Google Calendar events will be removed January 7, 2019. The notifications will cease to work on that date and instead in-app notifications will be the main method of reminding users of upcoming events. Google has confirmed that users that have the SMS notifications set up will be automatically notified in one of two ways. If a user has Calendar open or the Google Calendar app on a mobile device, they will receive in-app notifications. If a user has SMS notifications set up for new events, changed events, cancelled events or response, they will receive an email. If you have disabled calendar notifications, then head to Settings > Apps & notifications > Find the Calendar app > Turn notifications on. Google also stated that the Calendar API will be updated to reflect this upcoming change. - 9to5Google

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Facebook Messenger Gets A Back to Basics Facelift

KNOW | TWELVE, NOVEMBER 2018 

Facebook Messenger Gets A Back to Basics Facelift

Facebook is rolling out a redesigned Messenger focused on simplicity. Facebook’s Messenger was initially presented as a simple way for Facebook users to send messages while using Facebook on a desktop. After the expansion to a mobile app many additional features including games, bots and payment, were added which made the once simple Messenger feel bloated to users. The newly redesigned app is hoping to return the focus to chats and present a more streamlined experience by combining many of those extra features. The extras will still be accessible but will be hidden away where you can safely ignore them.

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New Tariffs Will Impact Small Business Owners in a Big Way

KNOW | TWELVE, OCTOBER 2018 

Walmart wants to bring its 'everyday low prices' to health care

Walmart, which markets itself as the leader in "Everyday Low Prices," is working on increasing its presence in the health care sector. The retail giant has entered into a deal with Anthem, one of the nation's largest insurers, to entice more Medicare enrollees to buy over-the-counter medications and health supplies at its stores. Former Humana executive Sean Slovenski has been hired to lead its health and wellness division and it was reportedly looking to buy PillPack before Amazon purchased the online pharmacy in June.

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Apple to Introduce New Low-Cost Macbook Laptop

KNOW | TWELVE, SEPTEMBER 2018 

Apple Is Planning a New Low-Cost MacBook, Pro-Focused Mac Mini

Apple has announced a new lower cost laptop along with a professionally focused upgrade to the Mac mini desktop later this year. Apple typically releases new Macs in October following the launch of new iPhones. Apple experts believe that the company is planning to debut three new iPhones, Apple Watches with larger screens, and new iPad Pros later this year.

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Delegate Shares the Love with the Georgia Coalition Against Domestic Violence

We believe at Delegate that the power of one is expanded by the strengths of many. Our mission is to help you do more of what you love to have an even stronger impact on the world. Each quarter in addition to our team-wide contribution to our selected charity, we select one team member and support their favorite charity through donation and promotion.

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Facebook Launches New Lists Feature

KNOW | TWELVE, MARCH 2018

 

Amazon, Berkshire Hathaway, and JPMorgan Chase to partner on US employee health care

A partnership has been announced between Amazon, Berkshire Hathaway, and JPMorgan Chase to cut health-care costs and improve services for their U.S. employees. Together these giant companies employ more than 1.1 million workers and will team up to target technology solutions to simplify the health-care system and remove profit-making incentives. Following the announcement shares of Berkshire and J.P. Morgan fell slightly, while Amazon edged higher. Principals of Amazon, Berkshire and J.P. Morgan noted that the way it will work remains to be seen but they're hoping that their sheer size will help bring the necessary scale and resources to tackle the issue.

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Delegate Shares the Love with the Crohn's & Colitis Foundation

We believe at Delegate that the power of one is expanded by the strengths of many. Our mission is to help you do more of what you love to have an even stronger impact on the world. Each quarter in addition to our team-wide contribution to our selected charity, we select one team member and support their favorite charity through donation and promotion.

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Twitter Announces Character Limit Update

KNOW | TWELVE, DECEMBER 2017

Twitter is about to get more words -- a lot more.

Twitter recently announced it is doubling how many characters can be used when tweeting, going from 140 to 280 characters. The new limit will roll out to Twitter users in almost all 40 languages Twitter supports except Japanese, Korean or Chinese because those languages can convey twice as much information in less space. Twitter performed a test in late September with a small group of users. Interestingly, after the novelty wore off, most people in the test stopped making full 280 character length tweets. Twitter noted that only 5% of tweets sent from people in the 280-character test group were longer than 140 characters, and just 2% were over 190 characters.

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