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7 tax changes on tap in ’17

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in Small Business Tax

The Trump administration has pledged sweeping tax reforms in 2017. But some significant tax changes are already in store.

Strategy: Adhere to the new rules. If any laws or regulations are modified or repealed, you should have plenty of time to react.

In particular, tax provisions in the Affordable Care Act (ACA), the law known as Obamacare, are potentially on the chopping block.

Here are seven new tax rules scheduled to take effect in 2017.

1. Stand-alone HRAs: A Health Reimbursement Arrangement (HRA) is a tax-favored way to cover health insurance costs of employees. But the ACA effectively prohibited stand-alone HRAs for small businesses.

Thanks to the 21st Century Cures Act, stand-alone HRAs may now be used by businesses with fewer than 50 employees that don’t offer any other group health plan to employees. The maximum annual employer contribution is $4,950 for an employee-only HRA and $10,000 for family coverage (indexed ...(register to read more)

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