Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘Affordable Care Act’ Category

Understanding the Differences Between Health Care Accounts

Health care costs continue to be in the news and on everyone’s mind. As a result, tax-friendly ways to pay for these expenses are very much in play for many people.

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The three primary players, so to speak, are Health Savings Accounts (HSAs), Flexible Spending Arrangements (FSAs) and Health Reimbursement Arrangements (HRAs). (more…)

IRS regulations clarify individual shared responsibility rules, premium assistance tax credit

The IRS continues to offer guidance to flesh out the specifics of the individual shared responsibility requirement and the premium assistance tax credit under the Affordable Care Act. (more…)

FAQ: How does suspension of ACA medical device excise tax impact compliance?

The Affordable Care Act (ACA) imposed an excise tax on the sale of certain medical devices by the manufacturer or importer of the device. The tax is 2.3 percent. Under the ACA, the excise tax was effective for the sale of medical devices after December 31, 2012. The tax is now under a two year moratorium. (more…)

FAQ: Is the cost of a weight loss program for obesity tax deductible?

Yes …but only if it is a medical necessity. The IRS has ruled that uncompensated amounts paid to participate in a weight-loss program as treatment for a specific disease or diseases (including obesity) diagnosed by a physician are deductible expenses for medical care. The deduction is subject to the limitations of Code Sec. 213 and its regulations. (more…)

New ACA information forms debut for 2016 filing season

As the 2016 filing season gets underway, many individuals will be receiving new information returns from their employers and/or health insurance providers. The information returns reflect new reporting requirements put in place by the Affordable Care Act. Some taxpayers will need to wait to file their returns until they receive their information returns, but most taxpayers will not. (more…)

IRS advises employers of reporting deadlines under Affordable Care Act

The IRS is reminding applicable large employees (ALE) of upcoming information reporting deadlines under the Affordable Care Act (ACA) for the 2015 plan year (Heath Care Tax Tip 2015-80). Reporting for 2014 was voluntary; reporting for 2015 is mandatory. (more…)

Small businesses score victory with PACE Act

Small businesses received some welcomed news in October with passage of the Protecting Affordable Coverage for Employees (PACE) Act. The new law revises the definition of small employer for purposes of market reforms under the Affordable Care Act (ACA). The PACE Act is intended to help protect small businesses from potential health care premium increases. (more…)