This item examines one of the key revenue provisions of the Patient Protection and Affordable Care Act, which provides for the imposition of an annual fee on health insurance providers that are “covered entities.”
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Affordable Care Act (ACA)
IRS Announces Simplified Employer Health Care Coverage Reporting
The IRS released final regulations to implement simplified reporting requirements under the Patient Protection and Affordable Care Act.
IRS Issues 2015 Inflation Adjustments for HSAs
The IRS issued the calendar year 2015 inflation-adjusted figures for the annual contribution limits for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
Transition Relief Offered on Minimum Essential Coverage and Shared-Responsibility Penalty
Proposed regulations issued by the IRS answer a number of questions regarding the Sec. 5000A individual mandate under 2010’s health care reform legislation.
Transition Relief Provided for Shared-Responsibility Payment
The IRS issued final regulations that provide transition relief from the Sec. 4980H shared-responsibility payment.
How to Calculate Employer Health Care Responsibilities
To determine whether a business is subject to the employer mandate penalty under the Patient Protection and Affordable Care Act, the business must determine the number of its full-time employees, which includes its full-time equivalent employees (FTEs).
Abuse Victims Who File Separate Returns Are Eligible for Premium Tax Credit
Victims of domestic violence who are afraid or unable to contact their spouse to file a joint return may be able to claim the Sec. 36B premium tax credit using procedures announced by the IRS.
Simplified Employer Health Care Coverage Reporting Announced
The IRS released final regulations to implement simplified reporting requirements under the Patient Protection and Affordable Care Act.
IRS Announces Additional One-Year Delay in Health Coverage Penalty for Midsize Employers
The IRS announced that it is delaying the so-called shared-responsibility requirement under Sec. 4980H for employers who have 50 to 99 full-time equivalent employees in 2014.
0.9% Medicare Surtax Final Regulations Issued
Regulations contain guidance for employers and individuals on the implementation of the tax, including the requirement to file a return reporting the tax, the process for employers to make adjustments of underpayments and overpayments of the tax, and the processes for employers and employees to file claims for refund for an overpayment of the tax.
Minimum Essential Coverage and Shared-Responsibility Penalty Rules Provide Transitional Relief for Individuals
Proposed regulations issued by the IRS answer a number of questions regarding the Sec. 5000A “individual mandate” under 2010’s health care reform legislation.
District Court Says Premium Tax Credits Are Available in Federal Health Care Exchanges
The federal district court for the District of Columbia held that the Sec. 36B premium tax credit is available to taxpayers who purchase health insurance through the 34 state health care exchanges that are run by the federal government.
IRS Modifies Health FSA Use-It-or-Lose-It Rule
The IRS announced that it will permit companies to amend their Sec. 125 cafeteria plans to allow participants in health flexible spending arrangements who do not use all of the money in a plan year to use up to $500 in the next plan year, in addition to the regular $2,500 limit during the succeeding year. Employers may amend their cafeteria plans to adopt the carryover provision for the current cafeteria plan year or any subsequent plan year.
PPACA Guidance Clarifies Rules for HRAs, Health FSAs, and Other Accountable Plans
The IRS provided guidance on when employers may use arrangements such as an HRA or a health FSA to provide employees with a fixed amount to pay for health care premiums and other eligible medical expenses.
Treasury Releases Proposed Regs. for Health Care Information-Reporting Requirements
The Treasury Department and the IRS released long-awaited notices of proposed rulemaking on information-reporting requirements for employers and health insurers under Secs. 6055 and 6056, as enacted by the Patient Protection and Affordable Care Act.
Top Tax News Developments in 2013
The past year featured a large number of tax developments, some of which got extensive coverage in the media, and many of which got less coverage but affect almost all taxpayers and practitioners. As we get ready to welcome a new year, here’s a look back at the most important
Income Verification for Insurance Premium Tax Credit Included in Deal to End Government Shutdown
The law enacted on Oct. 17 to fund the federal government through Jan. 15 and to extend the federal government’s borrowing authority through Feb. 7 contained one tax provision, making a minor change to 2010’s health care legislation.
Health Coverage Information-Reporting Requirements Guidance Issued
The IRS issued two related proposed regulation projects on health care coverage reporting requirements under the Patient Protection and Affordable Care Act.
Health FSA Use-It-Or-Lose-It Rule Modified to Allow a $500 Carryover
The IRS will now permit companies to amend their cafeteria plans to allow participants in health FSAs who do not use all of the money in a plan year to use up to $500 in the next plan year, in addition to the regular $2,500 limit during the succeeding year.
Small Employers’ Health Insurance Premium Tax Credit Rules Proposed
The IRS issued proposed regulations governing the Sec. 45R credit for small employers that offer health insurance coverage for employees.
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