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Tag Archive for Affordable Care Act

27 Apr 2022

Written by Annette Nellen | Posted in Affordable Care Act • Property Tax Credit

Prop Regs Fix A Premium Tax Credit Issue 7 Years Later

The Affordable Care Act enables individuals to not only purchase insurance on an exchange but to also get a subsidy for it if they qualify. That subsidy is the Premium Tax Credit (PTC). There are eligibility criteria such as purchasing the coverage on an exchange (such as Covered California), if the person is employed the employer does not offer affordable coverage and the household income is below 400% of the federal poverty level.

When regs were issued in 2014 at the start of the PTC, section 36B(c)(2)(C)(i) that includes this clause:

“This clause shall also apply to an individual who is eligible to enroll in the plan by reason of a relationship the individual bears to the employee.”

No comments | Tags: Affordable Care Act, Property Tax Credit

16 Dec 2020

Written by William Byrnes | Posted in Affordable Care Act

Affordable Care Act Likely To Withstand Latest Challenge

The U.S. Supreme Court recently heard oral arguments that will be instrumental in determining the fate of the Affordable Care Act. Since the 2017 tax reform legislation reduced the individual mandate to $0, many challenged whether the ACA was constitutional–in other words, whether it could be considered a valid exercise of Congress’ power to tax. Confirmation of new Supreme Court justice Amy Barrett created the real possibility that the ACA could be overturned. However, after hearing oral arguments, two conservative justices–Roberts and Kavanaugh–indicated their support for severance. If that happens, the individual mandate portion of the ACA would be severed from the remainder of the law.

No comments | Tags: Affordable Care Act

17 Oct 2018

Written by Chuck Woodson | Posted in Medical Insurance And Taxes

The Affordable Care Act, Medical Insurance And Taxes

The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year and can be as high as the greater of $2,085 or 2.5% of the family’s household income. So, just about everyone is being forced to carry medical insurance, and it is probably one of your largest expenses. Even though the penalty is going away in 2019, it is important to understand how the health insurance expense is handled for tax purposes so you can get the most tax benefits possible.

No comments | Tags: Affordable Care Act, Charles Woodson, Medical Insurance And Taxes

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

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Tag Archive for Affordable Care Act

Prop Regs Fix A Premium Tax Credit Issue 7 Years Later

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Affordable Care Act Likely To Withstand Latest Challenge

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The Affordable Care Act, Medical Insurance And Taxes

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

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ACA Tax Hits The Court

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ACA & The Tax Provisions It Provides

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ACA Replace Proposal & Insurance Company Compensation

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Proposed Republican Health Care Fix Missing From Current Bill

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Preventing A Huge Taxation On Your Business

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