As you may have heard, after winning Supreme Court cases about the individual mandate and the premium tax credits, the administration has lost the most recent major challenge to the ACA. A district court judge recently ruled that HHS has been illegally handing out cost-sharing subsidies without an appropriation from Congress. Where does this case go next, and what does the ruling mean for the cost-sharing subsidies in the upcoming open enrollment period?
A review of the new tax forms used to apply for an exemption from the individual mandate, calculate the shared responsibility penalty, and reconcile the advance premium tax credit.
It’s officially tax season, so this is a great time to review the ways your health insurance—or lack of health insurance—could impact your tax return.
Eric Johnson takes a look at the eligible income levels for the premium tax credits and cost sharing subsidies, explains how the credits are calculated, discusses the application process, and reviews the annual reconciliation process.
This course provides a detailed look at the Affordable Care Act’s individual shared responsibility requirement. We begin by discussing the purpose of the mandate, define creditable coverage and explain the penalty for going without health insurance, review the possible exemptions from the mandate penalty, and show how agents can help their clients compare their options.
Eric Johnson provides an overview of the Cadillac, some details on its potentially devastating impact on our employer clients, and the chances that it will be repealed altogether.
New research trust fund fees are due July 31 from health insurers and the plan sponsors of self-insured plans. The fee is paid annually using Form 720, Quarterly Federal Excise Tax Return. The payment, paid through the Electronic Federal Tax Payment System (EFTPS), should be applied to the second quarter (in EFTPS, select Q2 for the Quarter under Tax Period on the “Business Tax Payment” page).
The Affordable Care Act increases the minimum threshold to deduct medical expenses for those who itemize their deductions on their federal income tax return.
On Nov. 26, 2013, the IRS issued final regulations (TD 9645) implementing the Additional Medicare Tax as added by the Affordable Care Act (ACA). The Additional Medicare Tax applies to wages, railroad retirement (RRTA) compensation, and self-employment income over certain thresholds. Employers are responsible for withholding the tax on wages and RRTA compensation in certain circumstances.
This calculator helps employers understand how the health benefits excise tax on high valued health plans could impact their company.
Effective Jan. 1, 2013, individual taxpayers are liable for a 3.8 percent Net Investment Income Tax on the lesser of their net investment income, or the amount by which their modified adjusted gross income exceeds the statutory threshold amount based on their filing status.