4 Million Paid Average of $708 in Obamacare Penalties in 2016

The Internal Revenue Service (IRS) reports that 4 million Americans paid an average of $708 for not having health insurance in 2016 — what the IRS terms the Individual Shared Responsibility Payment (ISRP). The average is just over the base penalty of $695 imposed for a whole year without coverage. Interestingly, 22.6 million others filed for exemptions […]

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IRS Says It Will Continue to Enforce ACA Mandates, Fines for Non-Compliance

The Internal Revenue Service (IRS) recently issued four letters emphasizing that the employer shared responsibility and individual mandate provisions of the Affordable Care Act (ACA) are still the law of the land and will be enforced. In the two years since businesses had to start filing reports on the health insurance, or lack thereof, they […]

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Post-Trump, the IRS Will Allow Tax Returns that Are ‘Silent’ about Health Insurance

With the passage of the Affordable Care Act (ACA) in 2010, the IRS was tasked with exacting monetary fines on individual taxpayers who do not have health insurance for the full time of the reporting period, generally a calendar year. The ACA, under a provision known as Individual Shared Responsibility, even established an escalating scale […]

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IRS Extends Deadline to Supply Annual Health Care Information Forms to Employees

The Internal Revenue Service (IRS) today extended the deadline for employers to furnish their employees with their annual health care information forms from Jan. 31 to March 2, though it left intact the deadline for employers to file their forms 1094-B and 1094-C with the agency. Those deadlines remain Feb. 28 for paper filing and […]

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Health Care Reporting Deadlines Extended for Employers

The February and March deadlines for employers to report health care information to their employees and to the IRS have been pushed back to March 31, and in some cases to June 30. The original deadline for reporting to employees was Feb. 1, with a new two-month window until March 31. The Feb. 29 and […]

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Health Care Subsidies Could Cost Consumers at Tax Time

The Department of Health and Human Services (HHS), in charge of enacting Obamacare, and the Internal Revenue Service (IRS), in charge of enforcing the very same Affordable Care Act (ACA), have issued a statement about providing help at tax time for those who signed up for health care through one of the ACA exchanges. What […]

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Supreme Court to Review Legality of ACA Health Care Subsidies

With just a few days to go before the start of the second open enrollment period under the Affordable Care Act (ACA), the Supreme Court has agreed to hear both sides in the King v. Burwell lawsuit, which aims to strike down health care subsidies in the 36 states that chose not to establish insurance […]

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‘Skinny’ Health Plans Must Cover Hospitalization & Physicians, IRS Says

When the Affordable Care Act (ACA) was written, it set a “minimum value” standard on all health plans by saying a health policy must cover 60 percent of the cost of the “benefits provided by the plan,” but the text failed to specify which benefits must be offered. This week the Internal Revenue Service (IRS) filled in the […]

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IRS Ups Contribution Limits for Employee Pension Plans

The Internal Revenue Service (IRS) today announced it was granting cost-of-living adjustments for employee pension plans for tax year 2015. As a result, the cap was raised to $18,000 from $17,500 a year for those participating in 401(k), 403(b) and 457 plans. At the same time, the catch-up contribution limit for employees aged 50 and […]

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IRS Releases Compliance Information for ACA Shared Responsibility

The Internal Revenue Service (IRS) has unveiled tentative reporting forms to be used by affected large employers who must begin offering health insurance to their employees beginning Jan. 1 or pay a penalty to the IRS. Those companies with 100 or more employers will be subject to the shared responsibility provision of the Affordable Care Act […]

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