penalties - Linkenheimer LLP CPAs & Advisors

Impacts of the Affordable Care Act on Employer/ Business Owner

Beginning in 2015, if you employ at least 100 full-time employees or full-time equivalents (and after 2015, at least 50 full-time employees or equivalents), you may become subject to the employer mandate that was enacted as part of the Affordable Care Act (ACA), and if you fail to meet its requirements, you may owe a nondeductible excise tax.

You could potentially be subject to the excise tax, if any of your full-time employees are certified, as described below, as having received “health care assistance,” and you either: (1) do not offer health care coverage for all of your full-time employees; or (2) offer “minimum essential” coverage under your group health care plan that either is not “affordable,” or does not provide “minimum value” to your employees.

If you do not offer health care coverage to your full-time employees, the excise tax will be $166.67 for any month, i.e., 1/12 of $2,000 for 2015, times the number of your full-time employees during any month, reduced by a 80-person threshold (30 in 2016).

If you do offer health care coverage to your employees, but it is not affordable or does not provide minimum value, the excise tax will be […]

By Linkenheimer LLP|2020-09-03T20:05:32+00:00February 10th, 2015|affordable care act|1 Comment

The Personal Impact of the Affordable Care Act

Open enrollment for 2015 for Covered California closes on February 15th.

Open enrollment is the one-time during the year when most Californians who need insurance cannot be denied by a health plan and when millions can get subsidized health insurance for the upcoming year.

All individuals not covered by an employer sponsored health plan, Medicaid, Medicare, other public insurance program (such as Tricare), or meeting an exemption from coverage must acquire an approved private-insurance policy or pay a shared responsibility payment. If you do not have coverage or meet one of the exemptions, you will pay this payment. The fine for 2015 is either a) 2 percent of your total income or b) fines for each member of your household ($325/adult, $162.50/child, or $975/total household), whichever is greater.

Individuals who have limited income may enroll in Medi-Cal at any time.

Health care impacts 2014 income tax returns

Most people already have qualifying health care coverage and will only need to check a box to indicate that they satisfy the individual shared responsibility provision when they file their tax returns in early 2015.

However, an important Affordable Care Act tax provision for individuals and families is the premium tax credit. Further, […]

By Linkenheimer LLP|2020-09-03T20:05:33+00:00February 10th, 2015|affordable care act|1 Comment

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