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.
DiSabatino CPA Blog
California - Healthy Workplace Healthy Family Act of 2014 (AB 1522)
IMPORTANT REQUIREMENTS FOR ALL EMPLOYERS
Earlier this year, the California Legislature passed the Healthy Workplace, Healthy Families Act of 2014 (“HFA”) which requires all employers with employees within the State of California, regardless of size, to provide paid sick leave to employees.
Starting January 1, 2015, employers must display a poster created by the Labor Commissioner informing employees of their rights under the HFA.
In this issue:
- Prepare for the "Claw Back" Credit
Is a tax surprise of over $1,000 in your future? - Taxpayer Bill of Rights
- In the News. Student Loan Interest Relief?
- Ideas to Make Homeownership Affordable
The Month of May:
- July 4th: Independence Day
Happy Independence Day! While we look forward to the fireworks that mark the month, there could be fireworks for millions when the IRS tries to take back health care Premium Tax Credits at the end of the year. If you are using the Health Exchange for your insurance you will want to be aware of this tax risk. There is also news on two other fronts, first the newly announced Taxpayers' Bill of Rights and potential payment relief for those with student loan debt. All this and an article exploring the status of home affordability round out this month's newsletter.
As always, should you know of someone who may benefit from this information please feel free to forward this newsletter to them.