Affordable Care Act (ACA) Tax Update
There was a change to the due dates of the 2015 ACA reporting requirements for Forms 1095/1094‐C and 1095/1094‐B.
- The furnishing of the 1095’s to the individual employees has been extended from 2/1/16 to 3/31/16.
- The filing of the 1094’s and 1095’s with the IRS has been extended from:
- 2/29/16 to 5/31/16, if not filing electronically, and
- 3/31/16 to 6/30/16 if filing electronically.
- For individuals to complete their tax return without these documents, for 2015 only, they can rely upon other information received from employers about their offers of coverage for purposes of determining eligibility for the premium tax credit as well as to confirm they had minimum essential coverage.
- Once the individual receives the documents, they don’t need to amend their tax returns or send the information to the IRS, but should keep it with their tax records.
ACA Repeal Action in Congress
On January 6th, Congress passed HR 3762, Restoring Americans’ Healthcare Freedom Reconciliation Act of 2015, which would dismantle many of the key elements of the ACA.
The House passed it by a vote of 240‐181 and the Senate passed the bill by 52‐47.
Among other items, the bill would repeal:
- The individual and employer mandates to have/offer insurance
- The premium assistance tax credit
- The small business credit
- The 2.3% medical device tax, the 0.9% Medicate tax, the 3.8% Net Investment Income Tax
President Obama has stated he will veto the bill.
DID YOU KNOW?
Tax Day is April 18th this year instead of April 15th?
This is due to Washington D.C. celebrating Emancipation Day on that Friday, which pushes the deadline to Monday for most of the nation.