Affordable Care Act

Practice

IRS Releases Draft Instructions for ACA Employer Mandate

The US Treasury Department and the IRS on August 28 released draft guidance on the reporting requirements for forms 1094-B and 1095-B, as well as forms 1094-C and 1095-C.
A&A

CPA Groups Ask for Clarification on Net Investment Income Tax Rules

In an August 7 letter sent to Congress, the AICPA and CPA societies from the US Virgin Islands and Guam sought clarification on the applicability of the net investment income tax to bona fide residents of the US territories.
Tax

IRS Gets Pat on the Back for Accurate ACA Eligibility Data

A new TIGTA report found that in nearly all instances, the nation's tax agency correctly provided income and family size information to health insurance exchanges to determine the eligibility of individuals for health insurance under the Affordable Care Act.
Tax

IRS: Assess Changes Now That May Affect Your Premium Tax Credit

Certain “changes in circumstances,” such as in household income or family size, could alter how much eligible taxpayers receive in health insurance premium tax credits, the IRS cautioned on Friday.
Tax

IRS Prohibits End-Run around ACA Rules

The Service takes a stand against employers who figure they'll pay workers upfront for health insurance on the state or federal exchanges rather than provide coverage themselves.
Practice

Thomson Reuters Releases Affordable Care Act Content Marketing Solutions for Tax, Accounting, and Employee Benefits Firms

Thomson Reuters has released a tax act overview and monthly client marketing newsletter focused on the Affordable Care Act (ACA). The overview provides a summary of key tax-related provisions of the ACA that employers should prioritize in their planning.
Practice

Obamacare Shocker: Mandate Delayed Again for Some Employers

On February 10, the US Treasury Department issued new final regulations pertaining to the employer mandate under the Patient Protection and Affordable Care Act of 2010. But the government dropped a bombshell in the new regulations: It postponed the start date of the employer mandate for certain employers to 2016 – the second extension approved in less than a year.
Tax

New Medicare Surtax Form Makes Its Debut

With just a few scant days until the official start of tax-filing season, the IRS approved a final draft of new Form 8960, "Net Investment Income Tax—Individuals, Estates, and Trusts." This form will be used to compute the new 3.8 percent Medicare surtax on net investment income on 2013 federal income tax returns.
Tax

IRS Proposes Regs on Obamacare Penalties for Individuals

At long last, the much-publicized health insurance mandate for individuals went into effect on January 1. Now, less than a month later, the IRS has issued new proposed regulations governing the penalties for noncompliance.
Practice

CFO Survey: Workers Taking on More Health Care Costs

A recent survey of nearly 100 US financial executives by Deloitte LLP found that 42 percent of respondents pointed to the Affordable Care Act as the reason they had to pass further health care costs on to their employees during the fourth quarter of 2013 – and 63 percent are planning to do so this year.
Tax

Study: Tax Credits for Obamacare Expected to Average $2,700

Americans who currently purchase their own health insurance through the individual market would receive tax credits averaging nearly $2,700 next year for coverage purchased through new insurance marketplaces under the Affordable Care Act (ACA).
A&A

Affordable Care Act Makes It Less Likely That Businesses Will Hire New Employees

The Affordable Care Act is decreasing the likelihood that businesses will hire new employees, according to a new survey by Sageworks, a financial information company.

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