Category: Affordable Care Act

Affordable Care Act

Businesses Surprised to Receive ACA Penalties by Adam Cohen, CPA


Posted on October 26, 2020 by Adam Cohen

The Affordable Care Act (ACA), signed into law in 2010 and effective for tax years beginning in 2014, continues to be a source of political and legal contention. Today, amid the COVID-19 pandemic and resulting business closures and job losses, Republican lawmakers and business owners in 20 states prepare to argue before the Supreme Court […]

IRS Announces 2018 HSA Contribution Limits by Adam Cohen, CPA


Posted on June 05, 2017 by Adam Cohen

Taxpayers who participate in high-deductible health insurance plans will receive a minimal increase in the amount of pre-tax dollars they may contribute from payroll deductions into Health Savings Accounts (HSAs) in 2018. The IRS recently announced that the annual HSA contribution limit in 2018 will be $3,450, compared with $3,400 in the current year. For […]

Presidential Order Does Not Affect Taxpayer’s Obamacare Compliance Requirements by Adam Cohen


Posted on February 24, 2017 by Adam Cohen

President Donald Trump’s Jan. 20, 2017, executive order directing federal agencies to minimize economic and regulatory burdens of the Affordable Care Act (ACA) has put into question how the IRS intends to process taxpayer returns for 2016.   Under the individual shared responsibility provisions of the ACA, taxpayers and each member of their families are […]

What You Need to Know about the Affordable Care Act (also known as Obamacare) in 2017 by Adam Cohen, CPA


Posted on February 21, 2017 by Adam Cohen

One of President Donald Trump’s first executive orders is a broad directive instructing federal agencies to begin “to minimize the economic and regulatory burdens of the Affordable Care Act” on individuals, including “families, healthcare providers, health insurers, patients…or makers of medical devices, products or medications.” While Trump’s action supports the GOP’s long-standing battle cry of […]

Employers Get Obamacare Reporting Extension by Adam Cohen, CPA


Posted on January 03, 2017 by Adam Cohen

The IRS has delayed the due date for businesses to provide their full-time employees with informational statements about the healthcare coverage provided in 2016 under the Affordable Care Act. The deadline for which applicable large employers with 50 to 99 full-time equivalent employees must furnish workers with informational Forms 1095-B, Health Coverage, and 1095-C, Employer-Provided […]

Updated: Businesses Face a Mountain of Reporting Requirements in 2016 under the ACA by Adam Cohen, CPA


Posted on January 07, 2016 by Adam Cohen

Time has run out for businesses with more than 100 full-time-equivalent employees (FTEs) to comply with the provisions of the Affordable Care Act (ACA), also referred to as Obamacare. During 2015, these employers were required to provide minimum essential health insurance coverage to 70 percent of their full-time workforces (and dependent children under the age […]

Taxpayers Receive Incorrect Health Care Forms for 2014 by Adam Cohen, CPA


Posted on February 24, 2015 by Adam Cohen

The Federal Government today announced that approximately 800,000 taxpayers who signed up for health insurance in 2014 at www.healthcare.gov received incorrect IRS Forms 1095-A, Health Insurance Marketplace Statements, which explain coverage and details about the premium tax credit they received. Affected taxpayers will receive calls and emails about the error from the government in the next […]