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All Posts Term: Obamacare
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2015 Is a Slow Tax Season

DearIRS

According to Bloomberg, 2015 is the worst tax season in a long time. With the new Obamacare requirements, identity theft, IRS funding issues and taxpayers taking their time, there should be a rush at the end when April 15th comes.

Obamacare didn’t have income verification in place when it rolled out on HealthCare.com, so new enrollees estimated their income and got subsidies. The IRS is now reporting that 50% of enrollees underestimated their incomes, got a bigger subsidy than allowed, and now are having their tax refunds cut by $530. And for the 11% of Americans without health coverage they might be facing a penalty somewhere around $170.

New Tax Forms for the ACA Make Filing Tough

ACA

Small business owners are required to complete additional forms next tax season to comply with the ‘Affordable’ Care Act. Businesses with over 50 full-time employees need to track and record employees health expenditures for the year on a monthly basis. On February 8th the IRS released the new form, 1095C, for companies to file in 2016.

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 Patrick Stevens
 469  245742  9/25/2020

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