The Trade Preferences Extension Act of 2015, enacted on June 29, contains a few tax provisions in addition to the trade measures that were the focus of the bill.
The Supreme Court upheld the availability of premium tax credits under the PPACA when they are provided through health exchanges run by the federal government.
The Patient Protection and Affordable Care Act and the related Health Care and Education Reconciliation Act added significantly to the complexity of small business owners’ federal tax reporting.
The Supreme Court upheld the availability of premium tax credits under Sec. 36B when they are provided through health exchanges run by the federal government.
The Treasury Department announced on Tuesday that taxpayers do not have to file amended returns if they already filed their 2014 tax returns relying on forms sent by the government that contained incorrect information about their health coverage and any advance premium tax credit they received.
The government announced that many taxpayers who signed up for health insurance on the site have received an incorrect Form 1095-A for 2014. It also announced an extension of time for uninsured taxpayers to sign up for insurance on the website.
Challenges now moving through the federal courts target the IRS's interpretation that the Sec. 36B premium assistance credit to insurance purchased on both state health insurance exchanges and federal health insurance exchanges.
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
Congress approved the Achieving a Better Life Experience (ABLE) Act of 2014, which will allow disabled individuals to save money to pay for their disability expenses in tax-favored accounts, called ABLE accounts.
The IRS released health care guidance, including final regulations on minimum essential coverage, a list of hardship exemptions from individual shared-responsibility penalty, and indexed adjustments for certain calculations under the premium tax credit.
The IRS issued regulations and revenue procedures addressing how to calculate the Sec. 36B premium tax credit, including how the credit is calculated in conjunction with the Sec. 162(l) deduction for health insurance premiums of self-employed individuals.
On the same day, the D.C. Circuit and Fourth Circuit Courts of Appeals issued decisions on whether Regs. Sec. 1.36B-2(a)(1), which authorizes a premium tax credit for insurance purchased on health insurance exchanges established by the federal government, is a valid regulation.
This month, the IRS made several updates to the Internal Revenue Manual that provide insight on the notices and enforcement methods the Service will use next tax season to ensure taxpayers comply with the health care law.
IRS final regulations provide guidance on how small employers determine full-time-equivalent employees and average annual wages, how to calculate the credit, and what is a "qualifying arrangement" for purposes of the credit.
The IRS issued regulations and revenue procedures addressing how to calculate the Sec. 36B premium tax credit.
Two federal appellate courts issued conflicting decisions regarding the availability of the Sec. 36B premium tax credit for taxpayers who purchase health insurance on exchanges set up by the federal government.
The IRS issued the calendar year 2015 inflation-adjusted figures for the annual contribution limits for health savings accounts and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
The IRS finalized regulations that provide that distributions from qualified retirement plans to pay accident or health insurance premiums are taxable unless a statutory exclusion applies. However, arrangements where amounts are used to pay premiums for disability insurance to replace retirement plan contributions in the event of a participant's disability are not treated as taxable under the regulations if they meet certain requirements.
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 health insurance premium tax credit using new procedures announced by the IRS.
The IRS finalized regulations that provide that distributions from qualified retirement plans to pay accident or health insurance premiums are taxable unless a statutory exclusion applies.