Tag Archive for Individual Shared Responsibility Payment

What Is A FTE? What Is A Seasonal Employee?

My friend, confidant, mentor and expert in the procedural ramifications of ObamaCare, Debbie Nash of D. Nash & Associates, got to talking with me about some of the nuances of this legislation and our discussion quickly digressed into what the definition is of a ‘Full Time Equivalent’ (FTE) employee for IRS tax purposes. One of many reasons I appreciate time together with Debbie is our electrifying and challenging conversations. She keeps me on my toes continually pushing me to be a more astute student of the Internal Revenue Code.

After deliberate debate and further review it quickly became apparent to me that part of this precedent setting legislative action is to simply create long term jobs for the legal industry simply because there are so many unanswered questions. One on the menu today is how Read More

Written by | Posted in Affordable Healthcare Act • Corporate • Small Business

Will I Owe an “Individual Shared Responsibility Payment” for 2014?

The IRS addressed in its Health Care Tax Tip 2014-04 the question of whether a taxpayer owes an “Individual Shared Responsibility Payment” to be paid with the 2014 tax return filed by April 15, 2015.

Do I owe it? And if so, how much do I owe?

The short answer is that for any month in 2014 that a taxpayer or any of a taxpayer’s dependents do not maintain health care coverage and do not qualify for an exemption from having health care coverage, then the taxpayer will owe an “individual shared responsibility payment” with your 2014 tax return filed in 2015.

What is the “less than three-month gap” exemption/exception?

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Written by | Posted in Affordable Healthcare Act • Income Tax • Individual