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Posts Tagged ‘Individual Shared Responsibility’

IRS Grants Extension for 6055 and 6056 Reporting

Tuesday, January 26th, 2016

According to United Healthcare, Broker Connection Special Edition:

“On Dec. 28, 2015, the IRS announced that it is granting an automatic extension for the 2015 information returns required of insurers, employers and certain other providers of Minimum Essential Coverage (MEC) under Section 6055 and 6056 of the Internal Revenue Code (IRC).

Coverage providers that need more time now have until March 31 to get Form 1095 to individuals and until June 30 to electronically file with the IRS. For providers not filing electronically, the deadline is May 31, 2016. (more…)

IRS Issues New Instructions for Obamacare

Friday, October 3rd, 2014

Health Insurance Exchange reports:

“The Internal Revenue Service has issued new draft instructions, notices and a publication to help taxpayers and tax practitioners deal with the Affordable Care Act.

The draft instructions were released last week for Form 8962, “Premium Tax Credit,” and Form 8965, “Health Coverage Exemptions.” The IRS had previously released draft versions of the forms themselves, both 8962 and8965, along with draft instructions for several other draft forms for the Affordable Care Act (see IRS Gears up for Impact of Health Care Reform on Tax Season).

(more…)

IRS Gears up for Impact of Health Care Reform on Tax Season

Friday, October 3rd, 2014

Accounting Today reports:

“Internal Revenue Service commissioner John Koskinen told a congressional subcommittee about the IRS’s progress on the Affordable Care Act and the impact that tax subsidies will have next tax season.

In a hearing before the House Ways and Means Health Subcommittee on Wednesday, Koskinen talked about how the IRS would be processing the premium tax credit, which helps subsidize the cost of health insurance coverage for eligible taxpayers.

(more…)

Questions and Answers on the Individual Shared Responsibility Provision

Tuesday, September 3rd, 2013

The IRS reports:

“Basic Information

1. What is the individual shared responsibility provision?

Under the Affordable Care Act, the federal government, state governments, insurers, employers and individuals are given shared responsibility to reform and improve the availability, quality and affordability of health insurance coverage in the United States. Starting in 2014, the individual shared responsibility provision calls for each individual to have minimum essential health coverage (known as minimum essential coverage) for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return.

(more…)

Self Employed? What You Need to Know About Individual Shared Responsibility Starting in January 2014

Tuesday, September 3rd, 2013

US Small Business Administration reports:

“Under the Affordable Care Act, the government, insurers, employers, and individuals share in the responsibility to improve the availability, quality, and affordability of health insurance coverage.  The individual shared responsibility provision is a key part of helping to deliver the law’s consumer protections at an affordable cost. It makes these protections possible by ensuring that individuals do not just wait to purchase insurance when they are sick and drop coverage when they are well, which drives up premiums for everyone.

(more…)

The individual tax penalty

Tuesday, March 5th, 2013

By now it is not news that starting 2014 every American is expected to have Health Insurance or pay a penalty, called the individual shared responsibility penalty.

Lets go through the What?  Who?  Where?  When?  How?  And Why?

(more…)

Questions and Answers on the Individual Shared Responsibility Provision

Friday, February 15th, 2013

IRS.gov reports:

Basic Information

1. What is the individual shared responsibility provision?

Under the Affordable Care Act, the federal government, state governments, insurers, employers, and individuals are given shared responsibility to reform and improve the availability, quality, and affordability of health insurance coverage in the United States. Starting in 2014, the individual shared responsibility provision calls for each individual to have minimum essential health coverage (known as minimum essentia Starting in 2014, the individual shared responsibility provision calls for each individual to have minimum l coverage) for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return.

(more…)

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