Tag: Affordable Care Act

IRS will not accept returns without health coverage for 2018 filing season

The IRS recently announced that it‎ will not accept electronically filed tax returns where the taxpayer does not address the health coverage requirements of the Affordable Care Act for the upcoming 2018 filing season. The return must indicate whether the...

Executive Order issued on Affordable Care Act

On January 20, President Trump issued an Executive Order that sets the broad policy of his administration to repeal the Affordable Care Act (ACA). The EO directs federal agencies with authority and responsibility under the Act to waive, defer, grant exemptions...

21st Century Cures Act allows small employers to provide HRAs

On December 13, 2016, President Obama signed into law the "21st Century Cures Act" which provides a medical innovation package that funds medical research, accelerates cutting-edge treatments for rare diseases, and makes significant reforms to the mental health system. This...

Understanding the Small Business Health Options Program (SHOP) Marketplace

The Small Business Health Options Program (SHOP) Marketplace is designed for small employers who want to provide affordable, flexible and convenient health and dental coverage to their employees. To use the SHOP Marketplace, your business or non-profit organization must have...

Updates to Employer Shared Responsibility for 2016

We’d like to provide our business clients with an update to employers’ responsibility as it relates to medical insurance for their employees. The relief for applicable large employers (ALEs) with 50 to 99 full-time equivalents (FTEs) is no longer available for 2016. ...

Understanding Forms 1095-B and 1095-C

Forms 1095-B and 1095-C are a new requirement for some small employers and all large employers.  These information forms are used to report to individuals the months of medical insurance coverage and affordability.  An employer is considered to be large...

Guest Author Jeff DeVree: Deadlines extended for Affordable Care Act

Last week, the IRS extended the due dates for providing ACA reporting forms to employees and filing the forms with the IRS. The extension applies to the forms for 2015, which are due in 2016. The due date for providing...

Employers providing self-insured health coverage must report on information returns

The IRS reminds taxpayers that, starting with 2015 coverage, all providers of health coverage, including employers that provide self-insured coverage, must file annual returns with the IRS to report information about the coverage and about each covered individual. Applicable large...

Employers remain unprepared for ACA requirements

As more regulations continue to come into effect for employers under the Affordable Care Act, some with financial penalties, many employers report they are not prepared to deal with the slate of changes. In a recent Ernst & Young webcast...

Affordable Care Act FAQs for individuals

  • April 21, 2015
  • Marianne Lilly, CPA, CGMA, CFE

The Supreme Court’s landmark decision on the Affordable Care Act (ACA) has resulted in uncertainties among many individuals, regardless of their tax bracket, personal circumstances or state of residence. The Michigan Association of Certified Public Accountants has compiled Affordable Care...