In response to Sen. Rand Paul’s efforts to pass “Audit the Fed” legislation, Richard Fisher, outgoing president of the Federal Reserve Bank of Dallas, lashed out at the Kentucky senator last week. In an interview with The Hill, Fisher asked “Who in their right mind would ask the Congress of the United States – who can’t cobble together a fiscal policy – to assume control of monetary policy?”
Small businesses that reimburse employees for the cost of premiums for individual health insurance policies or pay their health costs directly will be fined up to $36,500 a year per employee under a new Internal Revenue Service regulation that takes effect July 1, 2015.
According to the notice, an employer arrangement that reimburses or pays for employee individual health premiums is considered to be a group health plan that is subject to the $100 per-employee per-day penalty. The penalty applies whether the reimbursement is considered a before-tax or after-tax contribution.