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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IRS Takes to YouTube to Promote Obamacare

The Internal Revenue Service (IRS) has uploaded a series of videos on YouTube featuring Commissioner John Koskinen, among others, explaining various provisions of the Affordable Care Act (ACA, aka Obamacare). Among the topics covered are the small business health care tax credit, the individual shared responsibility provision, the Flexible Spending Account (FSA) carryover provision, and […]

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Obamacare Medical Device Tax Slipping Through IRS’s Fingers

A 2.3 percent excise tax on medical devices that took effect in January has failed to live up to expectations, and an audit blames the Internal Revenue Service (IRS) for botching its implementation. A report by the Treasury Inspector General for Tax Administration (TIGTA) says the tax has so far brought in only $913.4 million […]

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IRS Releases ACA Employer Reporting Forms But Not Instructions on How to Use Them

The Internal Revenue Service (IRS) has released draft versions of the forms that employers with 100-plus employees must begin using in 2015 to show compliance with the employer shared responsibility and minimum essential coverage requirements of the Affordable Care Act (ACA). Employers with 50-99 employees must use them (when finalized) beginning in 2016. Draft instructions […]

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Wow, a $1,020 Penalty for Not Having Family Health Insurance!

The Internal Revenue Service (IRS), which is responsible for assessing and collecting penalties on individuals and families who lack health insurance, has now capped the 2014 penalty for individuals at $2,448 and at $12,240 for families of five or more. This, of course, depends on income and family size. The basic fine for not having […]

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Treasury, IRS Release Employer Reporting Requirements Under ACA

The Department of the Treasury and the Internal Revenue Service (IRS) have released final rules to implement the information-reporting provisions for insurers and certain employers under the Affordable Care Act (ACA) that take effect in 2015. “Today’s announcement is part of the administration’s effort to provide certainty and early guidance about major health policies so […]

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