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Patient Protection and Affordable Care Act

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2012 Taxpayer Relief Act For Individuals

Fiscal Cliff Averted, Tax Payer Relief Act

After much debate and anticipation, Congress has passed the American Taxpayer Relief Act of 2012 which averts the tax side of the fiscal cliff, provides numerous extenders and avoids the automatic sunset provisions that were scheduled to take effect after 2012 under the “Bush-era” tax cuts in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).

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Employer Health Care Mandate Postponed Until 2015

The Obama Administration has announced that it is postponing the Patient Protection and Affordable Care Act’s (PPACA) mandatory employer and insurer reporting requirements for one year. As a result, the administration also announced that it will waive the imposition of any employer-shared responsibility penalty payments for 2014. This effectively means that employers with 50 or more employees will not be required to provide health insurance to their employees or face a penalty until 2015.

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FAQ: Individual Mandate

Under the Affordable Care Act, the federal government, state governments, insurers, employers and individuals are given shared responsibility to reform and improve the availability, quality and affordability of health insurance coverage in the United States. The individual shared responsibility provision, also referred to as the individual mandate, calls for each individual to have minimum essential health coverage (known as minimum essential coverage), qualify for an exemption, or make a payment when filing his or her federal income tax return.

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Health Insurance Premium Assistance Credit

Beginning in 2014, a penalty will be imposed on certain individuals who fail to have minimum essential health insurance for themselves and their dependents. However, to help subsidize the cost of health insurance and make it more affordable, eligible individuals who purchase coverage under a qualified health plan through an Affordable Insurance Exchange may receive a premium assistance credit. The IRS has issued guidance for employees on their eligibility to claim this credit.

In order to be eligible for the premium assistance credit, a taxpayer must satisfy the following criteria:

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Obamacare Individual Subsidies or Premium Assistance Tax Credit

Will Obamacare Subsidise Your Health Care?

The premium tax credit is a refundable tax credit that helps eligible people with moderate incomes afford health insurance purchased through the Health Insurance Marketplace.

You can choose to have all or part of the credit paid in advance to your insurance company to lower what you pay for your monthly premiums, or you can claim the credit when you file your tax return. If you choose to have the credit paid in advance, you must reconcile the advance payments with the actual credit you compute when you file your tax return.

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Patient Protection & Affordable Care Act: Proposed Rules For Employers

The IRS has issued proposed regulations to implement the information reporting requirements for insurers and certain employers under the Patient Protection and Affordable Care Act (PPAC). The proposals are a response to an ongoing dialog with representatives of employers, insurers, other reporting entities and individual taxpayers.

Provisions under PPAC require reporting by insurers, self-insuring employers, and other parties that provide health coverage; and also require information reporting by employers that are large enough to be subject to the employer shared responsibility provisions. In early July 2013, the Obama Administration announced a postponement of PPAC’s mandatory employer and insurer reporting requirements for one year. As a result, the reporting requirements have been delayed until 2015.

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Preparing for Health Care Reform

Health Care Reform - What it Means for Business and Individuals

On June 28, 2012, the U.S. Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act (PPACA), and its companion law, the Health Care and Education Reconciliation Act of 2010. As part of its primary purpose to facilitate health care reform, the PPACA includes key tax provisions that affect individuals and businesses. Now that the Supreme Court has ruled, all must prepare to comply with the requirements under PPACA. Some requirements are already in effect, while other provisions apply starting in 2013 or later. As your CPA firm, we are here to help you plan for the future.

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Rethink Insurance: The Huge Small Business Health Care Credit

Huge Health Insurance Tax Credit

If you are a small employer with fewer than 25 full-time equivalent employees, pay an average wage of less than $50,000 a year, and pay at least half of your employee health insurance premiums then you may be eligible for the Small Business Health Care Tax Credit.

For tax years 2010 through 2013, the maximum credit is 35 percent for small business employers and 25 percent for small tax-exempt employers such as charities.

An enhanced version of the credit will be effective beginning Jan. 1, 2014. The IRS is expected to issue additional information about the enhanced version as it becomes available. In general, on Jan. 1, 2014, the rate will increase to 50 percent and 35 percent, respectively.

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