Two provisions of the affordable care act—the premium tax credit and the individual shared-responsibility payment (the individual mandate)—are complex and making it extra challenging for both taxpayers and preparers filing individual tax returns for 2014. Early on this tax season, the IRS discovered some errors, complications, and adversities for some individuals and provided relief says Annette Nellen, tax professor and director of the MST Program at San José State University. In her article, she summarizes the health care act guidance and relief issued in early 2015 and notes health care updates relevant for 2015 and beyond. [button color=”blue” link=”http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2015/Tax/update-on-affordable-care-act.jsp” target=”_blank” font=”arial” align=”left”]To learn…
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Details Found in IRS Explanation Issued Wednesday; $20,000 Figure Based on a Family of Four. In a final regulation issued Wednesday, January 30, 2013, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year. Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS. The news was reported by Huffington Post, CNS News, Catholic News, Investment Watch, Economonitor, Naked Capitalism, Investor Village, and more. The Journal of Accountancy offered detailed analysis of the new regulations, and NPR weighed in…