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Professional Tax Software News & Advice

ACA: What You and Your Customers Should Know

Employers have until March 2, 2107 to submit proof of insurance forms 1095-B or 1095-C to their employees. The original deadline for submission was January 31, 2017. This extension, of course, may cause your employers and customers to receive their proof of health insurance after they have filed their returns. In this case, taxpayers can use other health insurance information to file their taxes if needed. [More]

IRS Offers Guidance on Tax on ‘Cadillac’ Health Plans

The Internal Revenue Service has issued guidance on the potential approaches it may take in the future on proposed regulations for the excise tax on high-cost employer-sponsored health coverage in the Affordable Care Act. The excise tax on so-called “Cadillac” health plans is scheduled to take effect in 2018 and would impose a 40 percent tax on employers who pay for overly generous and expensive health coverage in an effort to encourage them to offer more cost-effective health plans in which employees and executives share more of the costs. [More]

House Passes Bill to Help Small Businesses and Support Veterans

The House of Representatives passed the first piece of legislation of the 114th Congress on Wednesday, the Hire More Heroes Act of 2015 (H.R. 22), with overwhelming bipartisan support.
The bill would help veterans find work by exempting them from one of the Affordable Care Act's mandates on small businesses. [More]