IRS Releases Withholding Tax Tables for 2018

The Internal Revenue Service has released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law. […]

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IRS Extends Deadline for Furnishing Form 1095-C to Employees

The IRS has extended by 30 days the deadline for providing Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to each employee. The new deadline is March 2, 2018, replacing the original Jan. 31 deadline. Form 1095-C affects Applicable Large Employers (ALEs), those with 50 or more employees, who are mandated to provide essential health benefits. […]

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Obamacare Employer Mandate Penalties Arrive in the Mail

The individual mandate of the Affordable Care Act (ACA, aka Obamacare) may be expiring — in 2019 — but the employer mandate is alive and well, and companies were sent notices in November advising them of any violations and the consequent tax penalty due. According to the employer mandate provision, companies with 50 or more […]

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IRS to Start Issuing Obamacare Penalty Letters to Employers Next Month

President Trump may be beating the drum to end the Obamacare individual mandate with looming tax reform legislation (to little avail so far), but the Internal Revenue Service (IRS) is already gearing up to enforce both that mandate and the employer shared responsibility mandate for businesses with 50 or more employees. The agency announced it […]

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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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