Obamacare

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The US Treasury Department and the IRS on August 28 released draft guidance on the reporting requirements for forms 1094-B and 1095-B, as well as forms 1094-C and 1095-C.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

Presidential Tax Return: Obama Gets Hit by Obamacare

The Obamas squeezed under the bar for the highest marginal tax rate on their federal tax return. But they couldn't dodge the new 3.8 percent Medicare surtax.
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.
Tax

New Final Regulations Clarify Obamacare Tax Rules

Three provisions of the ACA may have a major impact on individual taxpayers and certain businesses beginning in 2013. The IRS has just issued voluminous new final regulations clarifying some of the rules.
Tax

Camp Demands Obamacare Subsidy Data from IRS

Republicans are continuing their efforts to dig up dirt on Obamacare. On November 6, Dave Camp, powerful chairman of the House Ways and Means Committee, sent a strongly worded letter to IRS Acting Commissioner Daniel Werfel.
Tax

Sarah Hall Ingram Defends IRS on Obamacare

How's the rollout of the Affordable Care Act going? Just fine, thank you, according to IRS official Sarah Hall Ingram, who is running the tax collection agency's end of the operation.
Tax

IRS Can't Find $67 Million in Obamacare Funds

As if there wasn't enough controversy already swirling around the Affordable Care Act, now the TIGTA reports that the IRS can't account for $67 million stashed in a slush fund intended to help enforce the law.
Tax

Health Insurance Subsidies: Open for Business

It's not exactly like a new Walmart is moving in down the street, but the state-operated health insurance marketplaces will have their "grand opening" October 1.
Tax

Treasury Issues Proposed Rules for Information Reporting by Employers and Insurers under Affordable Care Act

On September 5, the US Department of the Treasury and the IRS issued proposed regulations to implement the information reporting requirements for insurers and certain employers under the Affordable Care Act.
Tax

IRS Issues Guidance on Health Insurance Credit

Small businesses may already be eligible for a special tax credit for providing health insurance. After issuing guidance on the credit in the form of several notices the past few years, the IRS has now released new proposed regulations summarizing the rules.
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).
Tax

House Passes Bill to Keep IRS from Enforcing Obamacare

Before leaving for its August recess, the US House of Representatives on August 2 passed a bill that would prohibit the IRS from implementing or enforcing the Affordable Care Act, also known as Obamacare.
Tax

NTEU Urges IRS Workers to Fight Obamacare Switch

The IRS is tasked with enforcing certain onerous provisions in the Patient Protection and Affordable Care Act of 2010, but the union representing IRS staffers is dead set against it.
A&A

Uncertain Prognosis: Industries Impacted by Health Care Reform

With key provisions of the Patient Protection and Affordable Care Act kicking in soon, industries navigating through a new health care environment present opportunities for accountants.
Tax

Delay in Obamacare Rules Stirs Political Cauldron

The government is providing a temporary reprieve from one of the most onerous provisions in the monumental health care law often referred to as "Obamacare."
Practice

October 1 Deadline Looms for Obamacare Notices

The common perception is that most of the key provisions included in the Patient Protection and Affordable Care Act take effect in 2014. But employers should be advised that other responsibilities and rights kick in before then.

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