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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IRS to Penalize Employers Who ‘Pump and Dump’ to Avoid ACA Mandate

In a question-and-answer posted on its website, the Internal Revenue Service (IRS) says it will fine employers $100 a day per employee if they pump up their workers' pay with extra cash and then dump them onto the Obamacare exchanges to buy their own health insurance. This "pump and dump" strategy is designed to make […]

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HSA Contribution Limits to Rise for 2015

The Internal Revenue Service (IRS) has announced slight increases in maximum allowable contributions to Health Savings Accounts (HSAs) for 2015. For individual-only health plans, the contribution maximum rises from $3,300 this year to $3,350 in 2015. For family health plans, the limit goes up to $6,650 from $6,550 in 2014. To qualify for an HSA, […]

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Some 1,000 IRS Employee Tax Cheats Got Bonuses

Some 1,000-plus employees of the Internal Revenue Service (IRS) who were arrears on their federal taxes were awarded bonuses totaling more than $1.1 million over a two-year period, according to a report by the Inspector General (IG). The IG said the employees had been disciplined for "substantiated federal tax compliance problems" before receiving the bonuses. […]

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IRS: Individual Mandate, Penalty Still On for 2014, But You Won’t Have to Pay

An Internal Revenue Service (IRS) official, testifying before the House Ways and Means Health Subcommittee yesterday, said that the Obamacare individual mandate and penalty for not purchasing health insurance are still on for 2014, but… “Individuals who can’t afford to pay that [the penalty] don’t have to pay it,” said Mark Iwry, the IRS representative. […]

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Final Regulations Issued on ACA Reporting for Large Firms

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 […]

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