Last week, it was announced that 800,000 taxpayers who received health care coverage through HealthCare.gov were sent incorrect Form 1095-A statements. If you are not sure if your Form 1095-A was affected, check your HealthCare.gov account. You should see a message that informs you if your Form 1095-A was affected. If you were affected by […]
Health Insurance Marketplace Statements
If you or anyone in your household purchased health insurance through the Health Insurance Marketplace in 2014, you will be receiving a Form 1095-A. You will need this form to prepare your tax return. What do you need to know about Form 1095-A? You will receive this form from your Marketplace, not the IRS. You should be […]
Affordable Care Act and You
The 2014 tax season is expected to be one of the most challenging in recent history due to the new Affordable Care Act. The Affordable Care Act (ACA) required almost all U.S. citizens to have basic health insurance coverage (also known as minimum essential coverage) for all of 2014. There are many tax implications that […]
Individual Shared Responsibility Provision
As of January 1, 2014 it is mandated everyone must be covered by a health insurance plan that meets the minimum essential coverage guidelines. The tax associated with this will be present next year during tax season. If you do not have coverage in 2014 you may have to pay the greater of: $95 per […]
Affordable Care Act
The Affordable Care Act set requirements for employers to offer health insurance to full-time employees if the business had fifty or more full-time or full-time equivalent employees. These requirements were initially going to be put into effect in 2014; however, the government has recently decided to postpone the start of the requirement for one year […]