ACA Affordable Care Act | TaxConnections

21 Feb 2020

Affordable Care Act Reporting Requirements For Employers

The health care law contains tax provisions that affect employers. Two parts of the Affordable Care Act apply only to applicable large employers. These are the employer shared responsibility provisions and the employer information reporting provisions for offers of minimum essential coverage.

The size and structure of a workforce determines which parts of the law apply to which employers. Applicable large employers are generally those with 50 or more full-time employees or full-time equivalent employees. Under the employer shared responsibility provision, ALEs are required to offer their full-time employees and dependents affordable coverage that provides minimum value. Employers with fewer than 50 full-time or full-time equivalent employees are not applicable large employers.

As such, calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates during the year. You will use information about the size of your workforce during 2019 to determine if your organization is an Applicable large employer (ALE) for 2020.
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Written by Clifford Benjamin | Posted in Affordable Care Act

30 Mar 2015

Penalty Relief: Overpayment of ACA Tax Credits

Beginning in 2014, an eligible individual or family member covered under a qualified health plan through a Health Insurance Marketplace (Exchange) is allowed a premium tax credit.

The premium tax credit offsets the cost of premiums paid for healthcare coverage in a qualified health plan. It is unusual in that taxpayers are able to take advantage of the credit in advance of filing an income tax return for the taxable year of coverage.

Advance credit payments are made directly to the insurance provider. The amount of the advance credit payments is determined when an individual enrolls in a qualified health plan through an Exchange and is based on projected household income and family Read More

Written by Dan Gordon | Posted in Affordable Healthcare Act

18 Feb 2015

Reporting Changes For 2014 Individual Tax Returns – IRS Fact Sheet

So Valentine’s Day was here and left- that could only mean one thing – we are into the 3rd serious week of tax season! The Internal Revenue Service got out it’s fact sheet about the changes in reporting requirements for individuals. I thought for all those self-preparers, this would be a good tool to look at and see if this is the year you want to make the leap & have your taxes examined by a tax professional, especially an Enrolled Agent!