Health care

Small Employers Get Relief From Sec. 4980D Penalty

The IRS announced transition relief from the application of the Sec. 4980D excise tax, which applies to health plans that do not meet the market reform requirements of the Patient Protection and Affordable Care Act

CHIP Buy-in Programs May Qualify as Minimum Essential Coverage

An individual who may enroll in a CHIP buy-in program that has been recognized as minimum essential coverage by HHS will be treated as eligible for minimum essential coverage under the program for purposes of the premium tax credit only for the period the individual is enrolled.

Guidance on Health Care Law Is Issued

The IRS released a package of guidance on 2010's health care reform legislation, finalizing proposed regulations on minimum essential coverage, identifying the hardship exemptions from the Sec. 5000A individual shared-responsibility penalty for which individuals are not required to provide exemption certificates, and providing indexing adjustments for certain calculations under the Sec. 36B premium tax credit and Sec. 5000A

IRS Signals PPACA Compliance Issues

In September 2014, the IRS made several updates to the Internal Revenue Manual that provide insight on the notices and enforcement methods the Service will use this tax season to ensure taxpayers comply with the Patient Protection and Affordable Care Act.

IRS Proposes Changes to Affordable Care Act Lookback and Cafeteria Plan Rules

The IRS issued two notices proposing to change the rules for when a taxpayer can revoke health care coverage in a cafeteria plan and enroll in a plan on the Health Insurance Marketplace exchanges, and how to measure the lookback period for determining who is a full-time employee when an employee changes positions within the same employer group.

Newsletter Articles

PRACTICE MANAGEMENT

Tax software survey

Our annual survey offers a look at how CPAs judged their tax preparation software in a wide range of types of practices.

NEWS

Congress enacts tax reform

Here are many of the most important provisions in the new law that affect both individual taxpayers and businesses. All changes were effective Jan. 1, 2018, except as noted.