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20 Oct 2017

Written by Nina Olson | Posted in Affordable Healthcare Act

Taxpayer Advocate Service Provides Self-Help Tools to Assist Taxpayers With Complex Affordable Care Act Requirements

With the open enrollment period for the Health Insurance Marketplace beginning November 1st, it is the appropriate time to remind taxpayers and preparers of the various Affordable Care Act (ACA) estimators the Taxpayer Advocate Service (TAS) has developed and made available to the public. Whether the taxpayer is an individual or employer, we have several tools available to assist in estimating credits and payments related to the ACA. Keep in mind that they only provide estimates, rather than accurate calculations, to use as a guide in making decisions regarding the taxpayer’s tax situation.

No comments | Tags: ACA, Affordable Care Act, Enrollment, Nina Olson, Tax Advisor, Taxpayer Advocate

25 Jul 2017

Written by Annette Nellen | Posted in Health Care

ACA Tax Hits The Court

This is the first case I’ve seen dealing with application of the Affordable Care Act (ACA). Yes, we had cases in the U.S. Supreme Court dealing with legality of some of the taxes and mandates, but this July 12, 2017 decision from the U.S. Tax Court gets at application of the advance Premium Tax Credit (APTC). When an eligible person purchases health insurance on the exchange (such as Covered California), and their household income is 400% or less of the federal poverty line, they get a credit that can be applied to the monthly premiums (by having the government send the money directly to the insurance provider) or claimed when filing that year’s income tax return. Read more

2 comments | Tags: advance premium tax credit, Affordable Care Act, IRS

29 Mar 2017

Written by Annette Nellen | Posted in ACA

ACA & The Tax Provisions It Provides

Lots of drama on possible repeal/repair of the Affordable Care Act with the House vote postponed to Friday (March 24) (see CNBC story). There are a lot of tax provisions in the ACA. I’ll share a list of created of them based on when they went into effect (and the Cadillac tax has not yet gone into effect). And one provision was only added in December 2016 via bi-partisan legislation!

No comments | Tags: Affordable Care Act, Tax Credits, tax provisions

22 Mar 2017

Written by Annette Nellen | Posted in Health Care

ACA Replace Proposal & Insurance Company Compensation

The tax law is difficult to understand due to its numerous special rules. This is apparent on just about every news show about the House Republican/President Trump’s bill to replace/repair the Affordable Care Act (aka Obamacare). Last night, I saw a bit of a CNN town hall with HHS Secretary Tom Price. Questions were raised about the bill providing significant benefits to high income/wealthy individuals. In addition to repeal of the Net Investment Income Tax (Section 1411), a comment was made by the CNN reporter about repealing the ACA rule regarding a compensation limit on high compensation of health insurance companies.

No comments | Tags: Affordable Care Act, health reform, Tax Law

17 Mar 2017

Written by Annette Nellen | Posted in Health Care

Proposed Republican Health Care Fix Missing From Current Bill

The House Republican plan to repeal and replace the Affordable Care Act (aka Obamacare) that was released on March 6 omits something that the House Republican health reform blueprint of June 2016 said would be included. The missing item is a big one, that if modified, would make the tax law more equitable, reduce health care spending, raise revenue (that could be used to help those without insurance), and help a lot of people know what their health insurance costs.

No comments | Tags: Affordable Care Act, better way, Cadillac Tax, Heath care reform, Republicans, tax

27 Jan 2017

Written by Ronald Oddo | Posted in Exit Tax

Preventing A Huge Taxation On Your Business

Today, all owners face three significant headwinds that increase the difficulty of a successful business exit. One is our flat economy—today and for the foreseeable future. The second is the substantially higher tax bill that’s due upon the sale of a business. And last, but not least, is the long-term mediocre investment climate that depresses the amount of income owners can expect from their sale proceeds and other investments. Combined, these three headwinds wreak havoc on an owner’s ability to cross the finish line at all, let alone as they originally planned.

No comments | Tags: Affordable Care Act, business, capital gains, Exit Planning, high tax bill, Investment Income, marginal income tax brackets

06 Jan 2017

Written by Annette Nellen | Posted in Tax Reform

Repealing Obamacare – Costs and Issues!

The 115th Congress started on January 3 and repeal of Obamacare (the Affordable Care Act) has begun. Here is information from Majority Speaker Paul Ryan including the budget resolution to help with the repeal. He states:

2 comments | Tags: Affordable Care Act, health care blueprint, Obamacare, paul ryan, Republican party, tax

08 Nov 2016

Written by Kat Jennings | Posted in 2016 Tax Changes • Health Care • TaxConnections

Presidential Election 2016-Tax Professionals Experience The Impact On U.S. Citizens

Whatever the result of the Presidential Election 2016, it is apparent that we all love the United States. For the record, many of my closest friends represent all parties in this year’s election and I respect all the views. The question is what direction will this country take on taxes with either candidate?

No comments | Tags: 2016, Affordable Care Act, Patient Protection, Presidential Election, taxes on healthcare

05 Jun 2016

Written by Harold Goedde | Posted in Affordable Healthcare Act • ObamaCare

Denial of Tax Exemption for Accountable Health Care Organization

A ruling by the Internal Revenue Service (IRS) creates a significant obstacle to a new type of health care network that the Obama administration has promoted as a way to provide better care at lower cost, at least according industry lawyers and providers. Health care markets are rapidly changing as independent doctors and hospitals race to form networks, otherwise known as accountable care organizations, in which they coordinate care for patients. The doctors and hospitals have financial incentives to keep patients healthy and to control costs, and they can share in the savings if they meet performance goals. The new entities, which now cover more than 28 million people, according to Leavitt Partners, help manage care for Medicare beneficiaries, people with employer-sponsored insurance, and consumers who buy coverage through online marketplaces under the Affordable Care Act.

No comments | Tags: accountable care organizations, Affordable Care Act, irs exemption

10 Mar 2016

Written by Annette Nellen | Posted in Affordable Healthcare Act

Filing Season and Affordable Care Act

I think it is correct to say that all taxpayers are affected by the Affordable Care Act in some way. Certainly individuals living in the US. All must answer a question on the 1040 as to whether everyone in the “shared responsibility family” (basically those listed on the return), had health coverage for all months of the year. If there are any uncovered months, the next step is to see if an exemption applies for that month. If no exemption for any month, a penalty is computed and reported on the 1040. Read more

No comments | Tags: 1040, Affordable Care Act, aicpa, FPL, Premium Tax Credit

01 Feb 2016

Written by Peter Flournoy | Posted in IRS • Tax Act • Tax Education • Tax Planning

The Individual Shared Responsibility Provision and Your 2015 Income Tax Return

The Affordable Care Act requires you, your spouse and your dependents to have qualifying health care coverage for each month of the year, qualify for a health coverage exemption, or make an Individual Shared Responsibility Payment when filing your federal income tax return. If you had coverage for all of 2015, you will simply check a box on your tax return to report that coverage.

However, if you don’t have qualifying health care coverage and you meet certain criteria, you might be eligible for an exemption from coverage. Most exemptions are can be claimed when you file your tax return, but some must be claimed through the Marketplace. Read more

No comments | Tags: Affordable Care Act, federal income tax return, Income Tax Return, irs refund

04 Jan 2016

Written by Milton Boothe | Posted in Affordable Healthcare Act • Federal Poverty Line (FPL) • Premium Tax Credit • Tax Credit

Premium Tax Credit Eligibility & Determining Factors

To be eligible for the Premium Tax Credit under the Affordable Care Act, all of the following must apply:

• Your income must be between 100% and 400% of Federal Poverty Line (see below) for a given family size.

• You cannot be claimed as a dependent.

• If married, you must file a joint return (although some exceptions may apply).

• You must be enrolled in a qualified health plan through Marketplace.

• Cannot be eligible for other minimum essential coverage.

• Premiums must be paid.

No comments | Tags: ACA, Affordable Care Act, Affordable Healthcare Act, Federal Poverty Line, FPL, HHS Poverty Lines, income, Premium Tax Credit, tax credit

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