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Professional Tax Software News & Advice

IRS Will Not Penalize Those Who Received Wrong Tax Info from Health Insurance Marketplaces

The Internal Revenue Service will not try to collect additional taxes from those taxpayers who have already filed their taxes after receiving incorrect information from the federal health insurance marketplace, Healthcare.gov. Last week, the Centers for Medicare and Medicaid Services announced that approximately 800,000 taxpayers who received coverage via Healthcare.gov and qualified for premium tax credits had received the wrong information on a Form 1095-A, “Health Insurance Marketplace Statement,” sent to them in the mail. They were asked to wait to file their taxes until March when a corrected form will be sent to them. [More]

3 Tips About Marketplace Coverage & Your Clients’ Taxes

Your clients’ health coverage through the Health Insurance Marketplace may affect their taxes:
• If anyone in your household enrolled in a health plan through the Marketplace in 2014, you’ll need some new information when you file your federal income taxes.
• If you didn’t have health coverage for 3 or more months in 2014, you can apply for an exemption or you might have to pay a fee. [More]

Health Care Law Brings Changes to IRS Tax Forms

This year, there are some changes to tax forms related to the Affordable Care Act. Along with a few new lines on existing forms, there will also be two new forms that will need to be included with some tax returns. While most taxpayers will simply need to check a box on their tax return to indicate they had health coverage for all of 2014, there are also new lines on Forms 1040, 1040A, and 1040EZ related to the health care law. [More]

IRS Delays Business Requirement of Affordable Care Act

The IRS has announced that The White House has delayed a portion of the Affordable Care act that required businesses with 50 or more employees to provide health insurance or face penalties. The requirement will now take effect in 2015. Business owners were concerned about the amount of time they had... [More]