The penalty also remains in effect for 2018 coverage. The only change is the tax penalty will no longer be in effect beginning in 2019.
IRS Extends Due Date for Employers and Providers to Issue Health Coverage Forms to Individuals in 2018
Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of Jan. 31.
Covered California Individual Shared Responsibility FAQ
The ACA requires everyone have Minimum Essential Coverage to comply with the law and avoid a Shared Responsibility Payment (also known as tax penalty, fee, or Individual Mandate payment). If a consumer 1) does not qualify for an exemption and 2) fails to have Minimum Essential Coverage, they will have a Shared Responsibility Payment due at tax time for the months the consumer did not have coverage or an exemption.
IRS Loosens ACA Individual Mandate Health Insurance Reporting For 2016
The IRS announced to tax preparation professionals that they will not reject a tax returns because the tax payer has not indicated whether they had health insurance coverage for 2016. Under the ACA, if a tax payer has not had health insurance for most of 2016, they are subject to the Shared Responsibility Payment also referred to as the Individual Mandate.
Countable Sources of Income from Covered California
Covered California has released a table of sources of income and whether they are countable toward the Modified Adjusted Gross Income (MAGI) for the monthly health insurance subsidy. The foundation for the table is the federal 1040 income tax return. The Countable Sources of Income table includes income for the monthly subsidy and whether the income is considered for MAGI Medi-Cal.
IRS.gov and Social Media Resources Help Individual Taxpayers Understand ACA
The IRS knows that you want to understand how the health care law may affect you when filing your taxes next year. When questions come up, IRS.gov/aca is a great place for you to begin finding the answers you need – when you need them.
Beware Orlando shooting donation scams
The Internal Revenue Service today issued a consumer alert about possible fake charity scams emerging due to last weekend’s mass-shooting in Orlando, Fla., and encouraged taxpayers to seek out recognized charitable groups.
IRS employer health care tax estimate tools
Whether you’re an employer or an individual taxpayer, the Taxpayer Advocate Service has several tools available to assist you in estimating credits and payments related to the Affordable Care Act. The Taxpayer Advocate Service recently added a tool to help employers understand how the employer shared responsibility provisions apply to their organization.
Social Security number collection gets underway
Employers, insurance companies and others who provide MEC will be required to report who’s covered with them to the IRS. This is called Minimum Essential Coverage Reporting, or IRS Code Section 6055 Reporting, and it will take place each year. This is how the federal government will make sure people have MEC. It’s also how the IRS will determine who may owe a penalty for not having coverage.
IRS Facts on Small Business Tax Credits
If you are a small employer, there is a tax credit that can put money in your pocket. The small business health care tax credit benefits employers. The credit is available to eligible employers for two consecutive taxable years beginning in 2014 or later.
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