About Michele Bossart

Michele Bossart has a vast knowledge of the payroll world, and she shares it freely with American small business owners on Patriot Software's Payroll Blog. Because she's a giver.

Author Archive | Michele Bossart

Over the Counter Meds and FSAs in 2011

One of the provisions of the Patient Protection and Affordable Care Act (PPACA) is the elimination of over-the-counter medicines as eligible expenses that can be paid for tax-free through a Flexible Spending Account (FSA), Health Reimbursement Account (HRA), or Health Savings Account (HSA).  The addition of over-the-counter medicine to the list of tax free medical […]

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Unemployment Benefits Restored and Extended

On July 22, 2010, President Obama signed into law the Unemployment Compensation Extension Act of 2010.  This will reinstate long term unemployment benefits to over 2.5 million unemployed workers through November 2010.  Unemployed workers will need to reapply for benefits through their state unemployment offices, and the benefits will be reinstated retroactively back to June […]

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Health Care Reform: What Is a Grandfathered Plan?

When the Affordable Care Act (the Act) was passed on March 23, 2010, various health care coverage rules were imposed on health plans.  Some of these rules do not apply to health plans that were in effect as of March 23, 2010.  These plans are referred to as “grandfathered.” Recently, the three agencies charged with […]

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Ohio Mandating Electronic Child Support Payments

The State of Ohio has passed legislation that requires employers with at least 50 employees to remit their payments electronically.  Prior to the legislation, large employers had the option of sending paper checks to the Ohio Child Support Payment Central processing center in Columbus. Ohio still encourages employers with less than 50 employees to also […]

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Earned Income Credit – What Is It and How Does It Work?

NOTE: Effective January 1, 2011 the option for advanced EIC payments has been eliminated. Employers are not longer able to advance a portion of the credit with each paycheck. Earned Income Credit (EIC) can be referred to several ways, such as Earned Income Tax Credit (EITC) or Advanced Earned Income Credit (AEIC). What is EIC? EIC is […]

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Unchanged 2011 HSA Contribution Limits

The IRS recently announced that the contribution limits for Health Savings Accounts (HSAs) will not be changing for next year.  The IRS puts limits on four categories pertaining to HSAs: The amount of money someone can contribute to their HSA in a calendar year The catch-up amount for those age 55 and over (note this […]

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Cobra and Unemployment Benefits Extended Yet Again

On April 15th, President Obama signed legislation to extend unemployment and COBRA benefits again for the short term.  The Continuing Extension Act of 2010 (HR 4851) provides an extension for Federal Emergency Unemployment Compensation (EUC) and Federal Additional Compensation (FAC) benefits by extending the deadline for filing applications for benefits to June 10, 2010.  Unemployment […]

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The Owner’s Compensation: How Much Is Enough?

What is reasonable owner’s compensation? The IRS says it’s what an owner/employee should be paid. This concept can be somewhat elusive since there is no hard set of rules. It’s based on the facts and circumstances of each individual case. However it is an important question, especially for S Corp owners, as this is an area […]

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Minnesota Terminates Income Tax Reciprocity With Wisconsin

Minnesota has terminated the tax reciprocity agreement between their state and the state of Wisconsin. This was due to Wisconsin taking approximately 17 months to submit payments to Minnesota. The state needs to receive the payments in a more timely manner to help balance their budget. The two states tried to reach an agreement on […]

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