$500 Obamacare “Refund” Checks Are Going Out. Here’s What You Need To Know
Nearly one million Americans are getting $500 Obamacare refund checks. Here’s who gets one, where the money comes from, and what taxpayers should know.
-
-
Obamacare Taxes On The Chopping Block In Proposed Spending Bill
Negotiations are ongoing, but it looks like the fiscal year 2020 spending bill will include permanent repeal of up to three Obamacare taxes: the so-called “Cadillac” tax on health insurance benefits, an excise tax on medical devices, and the Health Insurance Tax. The three taxes were part of the Patient Protection and Affordable Care Act,…
-
IRS Is Still Enforcing Healthcare Tax Rules, Including Penalties
If you’re on the receiving end of a letter from the Internal Revenue Service (IRS), you’re not alone: it’s correspondence season. And the latest batch of letters to appear in mailboxes may focus on health care. Correspondence season is the term that tax professionals use to describe the period after tax season officially ends. As…
-
Senate GOP Wants To Eliminate Obamacare Mandate Under Tax Reform
As Senate leaders search for ways to make the numbers work, Republicans believe they might have a solution. Although there was no mention of Obamacare repeal in either of the House or Senate original plans, Republicans plan to include language to repeal the Affordable Care Act’s individual mandate.
-
Taxes From A To Z (2017): A Is For Affordable Care Act Reporting
It’s Taxes From A to Z (2017)! A is for Affordable Care Act Reporting. With repeal looming, do you have to report health care coverage? Pay the NIIT? Pay the individual mandate penalty? Here’s what you need to know.
-
Marketplace Health Insurance Funded By Tax Credits In Most States: How About Yours?
Nearly 10 million Americans signed up for health insurance through the Marketplace exchanges in 2015, according to data released this month by the Centers for Medicare & Medicaid Services (CMS). As of the end of June 2015, approximately 9.9 million consumers had enrolled: 7.2 million through the federal Marketplaces and the so-called Healthcare.gov states and…
-
Small Business Dilemma: Paying For Health Care
(This post is part of my Small Business Startup & Survival Guide. You can catch up on the whole series here.) Under the new health care law, sometimes called Obamacare, the “employer mandate” kicks in for businesses with 50 or more full-time equivalent employees (FTE). For purposes of the mandate, FTE includes full-time employees plus each…
-
Avoiding Startup Gotchas
This story appears in Forbes Entrepreneurs September 7, 2015 Volume 196, Issue 3, Page 62 Since opening her own practice in Cookeville, Tenn. in 2003, estate lawyer Joy Buck Gothard has hired four employees. She considers them family, she says, and has encouraged each to get health insurance by paying a subsidy straight from her…
-
Failure To File Tax Returns May Result In Loss Of Affordable Health Care
In any given year, about 7% of taxpayers will opt to file an extension for filing their individual federal income tax returns. For 2015, nearly 10 million taxpayers were expected to file for an automatic extension. Reasons for filing can range from owning or participating in a business or pass-through entity (though that’s expected to…
-
IRS Seeks Public Comment On Controversial Obamacare 'Cadillac Tax'
When The Patient Protection and Affordable Care Act (often just referred to as “Obamacare”) took effect, one of the most controversial features was the so-called Cadillac tax. The tax was intended to target high-cost health care plans, thus earning the moniker “Cadillac.” The tax hasn’t changed much since it was first dreamed up. It’s still intended to…
