Health care - Linkenheimer LLP CPAs & Advisors

Required Reporting by Employers Providing Self-insured Health Coverage

Required Reporting by Employers Providing Self-insured Health Coverage: The IRS reminds taxpayers that, starting with 2015 coverage, all providers of health coverage, including employers that provide self-insured coverage, must file annual returns with the IRS to report information about the coverage and about each covered individual. Applicable large employers subject to the Employer Shared Responsibility (ESR) provisions should report this information on Form 1094-C and Form 1095-C, while employers not subject to the ESR provisions should use Form 1094-B and Form 1095-B. An applicable large employer is one that employs an average of at least 50 full-time employees, including full-time equivalent employees, in the prior calendar year. The information will be reported for the first time on 2015 forms due in early 2016.

By Linkenheimer LLP|2020-09-03T20:05:25+00:00August 4th, 2015|Health care, Uncategorized|0 Comments

Obama Administration Postpones Large Employer Health Care Mandate Until 2015

The requirement that businesses provide their workers with health insurance or face fines – a key provision contained in President Obama’s sweeping health care law – will be delayed by one year, the Treasury Department said Tuesday.

The postponement came after business owners expressed concerns about the complexity of the law’s reporting requirements and some viewed it to be a potential job killer in an already struggling economy. Under the Affordable Care Act, businesses employing 50 or more full-time workers that don’t provide them health insurance will be penalized. The extra year before the requirements go into effect will allow the government more time to assess ways to simplify the reporting process for businesses.

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By Linkenheimer LLP|2013-07-03T21:53:00+00:00July 3rd, 2013|2015, affordable care act, CPA, Health care, law, Linkenheimer, mandate, obamacare, postpone, Santa Rosa|0 Comments

Planning for the Medicare 3.8% Tax- Net Investment Income, Deductions and More

By Linkenheimer LLP|2020-09-03T20:05:59+00:00September 26th, 2012|3.8, CPA, deductions, Health care, Health Care and education Reconciliation Act of 2010, investment, Linkenheimer, medicare, Patient Protection and Affordable Care Act, Santa Rosa, tax|0 Comments

Health Care Reform Updates

The U.S. Supreme Court on Thursday declared the mandate in Sec. 5000A, requiring U.S. citizens and legal residents to maintain minimum essential health coverage, to be a permissible exercise of Congress’s taxing powers under the Constitution.

So what does this mean for you?

Individual mandate to take effect starting 2014
All tax provisions upheld
Penalty on states for refusing expanded medicaid unconstitutional
Premium assistance tax credit to help offset cost of coverage
Limits on health FSAs and other arrangements continue
Small employer health insurance tax credit preserved
Codified economic substance doctrine sustained

Those are the highlights, but there are plenty of other details involved in the new legislation.

For additional articles, click here (CCH) and here (JOA)

By Linkenheimer LLP|2020-09-03T20:06:02+00:00July 18th, 2012|CPA, Health care, Linkenheimer, reform, Santa Rosa, Supreme court, tax|0 Comments