IRS Issues Final Regs on Penalties for Not Buying Insurance Under Obamacare

The Internal Revenue Service (IRS) yesterday issued final regulations regarding penalties under the Affordable Care Act (ACA) for those who fail to maintain "minimum essential coverage." Those who fail to maintain minimum essential health insurance coverage in 2014 will pay a fine of $95 or 1 percent of houshold income, whichever is larger. The fine […]

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Government Issues Final Rules on Employment-Based Wellness Programs

The U.S. Departments of Health and Human Services, Labor and the Treasury have issued final rules on employment-based wellness programs. The final rules support workplace health promotion and prevention as a means to reduce the burden of chronic illness, improve health and limit growth of health care costs, while ensuring that individuals are protected from […]

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IRS Relaxes Rules for Worker Misclassification Program

Started in 2011 and ending on July 30 of this year, the worker misclassification forgiveness program run by the Internal Revenue Service (IRS) just relaxed its entry rules. The program is designed to allow employers to fess up to misclassifying employees as independent contractors and also failing to issue 1099s for them. Accepted employers can […]

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New Health Care Taxes Take Effect

Most Americans may have avoided the so-called "fiscal cliff" that would've plunged them into higher tax brackets, but at the dawn of the New Year, two health care levies took hold that could affect a lot of taxpayers. First, a new 3.8 percent Net Investment Income Tax now applies to individuals, estates and trusts that […]

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IRS Releases EITC Amounts and Form for 2013

The Internal Revenue Service (IRS) has released updated 2013 Earned Income Tax Credit (EITC) amounts and a new Notice 797. Individuals will now qualify for EITC on their 2012 tax return if they: ♦ earned under $45,060 and have three or more qualifying children ($50,270 if married filing jointly) ♦ earned under $41,952 and have […]

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401(k) Contribution Limit to Rise in 2013 to $17,500

The Internal Revenue Service (IRS) has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2013. In general, many of the pension plan limitations will change for 2013 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged […]

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IRS Issues Guidance on Additional Medicare Tax Kicking in Next Year

The Internal Revenue Service (IRS) has issued guidance on the additional 0.9 percent Medicare tax on highly compensated individuals that commences on Jan. 1, 2013. The tax is part of the Patient Protection and Affordable Care Act (PPACA), or what is commonly referred to as Obamacare. The guidance indicates that the additional tax kicks in […]

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IRS to Publish Final Health Insurance Tax Credit Regulations on May 23

The Internal Revenue Service (IRS) on Wednesday, May 23, is expected to publish in the Federal Register final regulations regarding health insurance tax credits under the Patient Protection and Affordable Care Act (PPACA) of 2010. The Congressional Budget Office (CBO) estimates that the average tax credit, available to individuals and families who fall within 100 […]

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IRS Issues Guidance on Automatic Enrollment in Health Insurance

The Internal Revenue Service (IRS), in conjunction with the Department of Labor (DOL) and the Department of Health and Human Services (HHS), recently released a notice (really more of an FAQ) on issues relating to the full implement of the Patient Protection and Affordable Care Act (PPACA) in 2014. The notice covers automatic enrollment in […]

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IRS Urges Small Businesses to Take Advantage of Health Insurance Tax Credit

With business tax-filing deadlines fast approaching, the Internal Revenue Service this week encouraged small employers that provide health insurance coverage to their employees to check out the small business health care tax credit and then claim it if they qualify. The Small Business Health Care Tax Credit  page on IRS.gov is packed with information and […]

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