Under the Affordable Care Act (ACA) of 2010, if you did not have an ACA-approved health insurance plan for 2015, you will owe a penalty (unless you fall into one of several categories of exceptions) when you file your taxes in April. The penalty for failure to have health insurance in 2015 is $325 per […]
Individual Health Coverage Mandate Penalties Higher Read More »
The Affordable Care Act (aka Obamacare) was passed and signed into law more than five years ago, and it is still not fully implemented. In 2016, new requirements will go into place that will affect all firms with 50 or more full-time employees. This is commonly known as the “employer mandate”, and its full implementation
Health Care Compliance for Small Businesses Read More »
A provision of the Affordable Care Act of 2010 (A.K.A Obamacare) affecting employers with 50 or more full-time employees goes into effect in 2015 and must be reported during the 2016 tax filing season. The IRS is requiring “applicable large employers” to report information on the health coverage they offered (or failed to offer) to
ACA Reporting for Applicable Employers Begins This Year Read More »
Most of the components of the Affordable Care Act of 2010 have now been implemented. And the one that is pertinent to almost every American is the individual mandate to purchase a health insurance plan or pay a penalty. 2014 is the first tax year for which penalties will be collected. For those who did
Affordable Care Act Penalties Increase Annually Read More »
The passage and implementation of the Affordable Care Act of 2010 (aka Obamacare) has been one of the most controversial pieces of legislation in modern history. To date, it has survived several lawsuits; including a challenge to the constitutionality of individual mandates and a claim that the law does not allow for tax subsidies in
Heavy Fines for Employee Healthcare Reimbursements Read More »
The case of King v. Burwell provided a scare for residences receiving tax subsidies to help pay for health insurance in 37 states (including Arizona). The case was a challenge to the wording of the Affordable Care Act (AKA Obamacare), which stated that subsidies would only be available in an “exchange established by the state.”
Supreme Court Upholds Tax Subsidies for Federally-Run Exchanges Read More »
2014 was the first year Americans were required to purchase a health insurance policy or pay a fine to the IRS. Many of those that purchased policies from the public exchange received tax subsidies to help pay for them. The challenge is that qualification for the subsidies is based on estimated income; and as it
Affordable Care Act Subsidies Cause Headache for Many Taxpayers Read More »
On Friday November 7, 2014, the U.S. Supreme Court agreed to hear an appeal in a challenge to a portion of the Affordable Care Act of 2010. The challenge has to do with the tax subsidies received by residents in the 34 U.S. states which did not set up their own health care exchanges, opting
Supreme Court Taking Obamacare Subsidy Case Read More »
In Part I, we examined how the Affordable Care Act will impact the tax filings of individuals. There are also some important taxes and mandates on businesses that are worth noting. Employer Mandate: Starting in 2015 (delayed from its original implementation year of 2014), employers with 50 or more employees will be subject to a
Tax Implications of the Affordable Care Act (Part II) Read More »
The Affordable Care Act has been receiving a lot of attention in the news lately, mostly because of the issues with the website and the individuals who are losing their health plans with no ability to easily obtain a new one through the exchanges. However, there is another part of the ACA that does not
Tax Implications of the Affordable Care Act (Part I) Read More »
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