DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

Alert! 800,000 Form 1095-A's have Errors

Alert. 800,000 Form 1095-A's have Errors

Last week the Centers for Medicaid and Medicare Services announced that approximately 800,000 Form 1095-A’s were issued with errors on them. The error could cause you to file an incorrect tax return that claims a higher Premium Tax Credit than you have a right to collect.

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Providing proof of health insurance to the IRS is the new reality

You Say You Have Health Insurance?
Providing proof to the IRS is the new reality

New for tax year 2014 is the requirement to have health insurance. If you do not have qualified health insurance coverage AND you do not fit into one of the limited exemptions you will need to pay a fine, tax, or as the government calls it, an “individual shared responsibility” payment. So how do you prove you have the required health insurance? It is not a simple thing.

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Important reminder for employers - HEALTH CARE BENEFITS

Important reminder for employers - HEALTH CARE BENEFITS

A reminder to employers: Effective January 1 of this year, you may no longer

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September 2014 DiSabatino CPA Newsletter

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In this issue:

  • IRS Telephone Scams on The Rise
  • Make Lists: Save Money
  • When to Notify the Healthcare Marketplace
  • Avoid a Premium Tax Credit bill at the end of 2014
  • Is it Time to Step in?
  • Aging and help with financial matters

The Month of May:

  • September 1st: Labor Day
  • September 15st: 3rd Quarter Estimated Tax Due
  • October 1st: SIMPLE IRA plan establishment due

 School bells are ringing once again as summer draws to a close. This month's newsletter covers an array of topics from the recent warning of increased telephone scams by the IRS to helping identify when it is time to help parents with their financial management. Also included are circumstances when you need to make changes to your Healthcare Marketplace account and how to use the creation of lists to save money.

As always, should you know of someone who may benefit from this information please feel free to forward this newsletter to them.

IRS Telephone Scams on The Rise

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Premium Tax Credit: Upcoming Tax Surprise?

Premium Tax Credit: Upcoming Tax Surprise?
Here is a quick quiz to see if you are at risk

Based upon a recent report given to the Federal government evaluating data inconsistencies with the new health insurance market exchanges, over a million taxpayers could owe the government money at tax time. Here is a quick quiz to see if this risk applies to you.

Q1. Did you apply for health care insurance on either the new Federal Marketplace or a state run insurance exchange?

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Health care mandate extended

Rules just issued by the Treasury Department give a one-year extension to the health insurance mandate for mid-sized businesses. Companies with 50 to 99 employees will now have until January 1, 2016, to provide health insurance for employees or face penalties. Employers must certify that they have not cut workers in order to come under the 100 employee threshold. Companies with 100 or more employees must still meet the January 1, 2015, deadline for providing health insurance coverage.

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Health insurance tax credits are good medicine for small businesses

Health insurance tax credits are good medicine for small businesses

Small businesses may be missing out on an important new tax perk related to health insurance. And the stakes are even higher in 2014.

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IRS Penalty for Lack of Health Insurance!

 

Do You Have a Sleeping Tax Penalty for 2014?

 

If you know someone who lacks health insurance...read this!
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