Health Care Law Tax Provisions in Video

Employers and health coverage providers now have access to recorded webinars from IRS about the Affordable Care Act’s employer provisions and related tax requirements. If you are a business owner, tax manager, employee benefits manager, or health coverage provider, you can access and review these videos anytime to better understand how the health care law may affect your organization.

Each of the following ACA videos on the IRS Video Portal provides about 40 minutes of detailed information on the specific tax provision mentioned in the title.

Employer Shared Responsibility Provision

Learn about determining applicable large employer status, payments, and transition relief for 2015.

Employer-Sponsored Health Coverage Information Reporting Requirements for Applicable Large Employers (37 minutes)
Learn about employer-sponsored health coverage information reporting requirements for applicable large employers, including:

• who is required to report
• what information the law requires you to report
• how to complete the required forms

Information Reporting Requirements for Providers of Minimum Essential Coverage (35 minutes)
Learn about the information reporting requirements for providers of minimum essential coverage, including employers that provide self-insured coverage.  Learn about:

• who is required to report
• what information the law requires you to report
• how to complete the required forms

View the recorded webinars in the IRS Video Portal using one of the following tabs: Businesses, Tax Professionals, Governments and Non-Profits. After clicking on one of these tabs, simply select “Affordable Care Act” from the list of topics on the left side of the screen, and you will see a list of recordings about these and other ACA topics.

In addition to videos about the tax provisions of the Affordable Care Act on the IRS Video Portal, there is a wide range of videos on other tax topics for individuals, businesses and tax professionals.

For more information about the Affordable Care Act visit IRS.gov/aca or call your Louisville Tax Professionals at Neikirk, Mahoney & Smith, PLLC at 502-896-2999.

Obamacare Related Tax Questions Challenge Tax Preparers

BY JEFF STIMPSON

The Affordable Care Act -- along with its accompanying enrollment Web site and new taxes and tax breaks -- has opened up a host of questions for the taxpaying public, ramping up the usual levels of pre-tax season taxpayer confusion.

“Forty of the 500 provisions in the ACA amend or add provision to the U.S. Tax Code,” reads a primer from The Income Tax School. “Most of the changes that are to be implemented in 2014 have to do with healthcare coverage [that] requires that each person either have the minimum essential coverage, qualify for an exemption or make a payment when filing his or her federal income tax return.”

Among the new taxes is a 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single), and a 0.9 percent additional Medicare tax.

Click here to read the rest of the story from Accounting Today

If you need more information, contact Neikirk, Mahoney & Smith CPAs at (502) 896-2999.