Category Archives: Taxes

Taxes

Final Health Care Reporting Forms for 2015 Now Available

Posted on by HPA

The Internal Revenue Service has released the final versions of two key 2015 forms and the related instructions that employers and insurers will send to the IRS and individuals this winter to report health care coverage they offered or provided.  The IRS released draft forms and instructions for 2015 this summer and the final forms and instru... (read more)

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Cadillac tax could make individual plans more attractive

Posted on by HPA

As we near the end of 2015, we’re only a couple years away from the start of the “Cadillac tax,” a 40% excise tax on “high valued health plans.” While that may seem like a long time, large employers are already starting to make plans to help them deal with this budget-killing provision of the Affordable Care Act. Employers that of... (read more)

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How the new employer reporting requirements can help you sell lots of individual policies

Posted on by HPA

Ok, so here’s an obvious statement: for agents who specialize in group health insurance, most if not all of their clients have a group health plan. Makes sense, right? If an agent sells group health and a company doesn’t offer health insurance to its employees, that company probably isn’t a client. So why are we stating the obvious? B... (read more)

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Mid-year IRS report proves subsidies exceed penalties

Posted on by Eric Johnson

You may not have heard of the Taxpayer Advocate Service, but it serves as "your voice at the IRS." TAS is an independent organization within the IRS whose job is to protect your rights as a taxpayer and help you with tax problems you can't resolve on your own. National Taxpayer Advocate Nina Olson, who heads up the Taxpayer Advocate Servic... (read more)

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It’s Tax Day!

Posted on by HPA

Happy Tax Day! Yeah, we know it's not really happy, but at least it will soon be over. This year's tax filing deadline is an interesting one for those of us in the insurance industry because it marks the day that millions of Americans will report whether or not they had health insurance coverage during 2014, apply for an exemption or pay a ... (read more)

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The New Tax Forms – Reconciling the Advance Premium Tax Credit (Part 4 of 4)

Posted on by Eric Johnson

(This is the fourth post in a four-part series about the new tax forms. Read parts one, two, and three.) We conclude our series on the new tax forms by taking a look at IRS Form 8962, Premium Tax Credit (PTC). This is the document an individual completes to reconcile his tax credit with his actual income. The key word in Advance Premium ... (read more)

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The New Tax Forms – Calculating the Individual Shared Responsibility Penalty (Part 3 of 4)

Posted on by Eric Johnson

(This is the third post in a four-part series about the new tax forms. Read part one here and part two here.) Individuals and families who were uninsured for one or more months in 2014 and who do not qualify for an exemption will pay a shared responsibility penalty when they file their taxes. However, there’s not a separate form to comple... (read more)

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The New Tax Forms – Applying for an Exemption (Part 2 of 4)

Posted on by Eric Johnson

(This is the second post in a four-part series about the new tax forms. Read the first post here.)   As the IRS explains, “beginning in 2014, individuals must have health care coverage, have a health coverage exemption, or make a shared responsibility payment with their tax return.” Those who have been granted a coverage exemption b... (read more)

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The New Tax Forms (Part 1 of 4)

Posted on by Eric Johnson

Two of the major provisions of the Affordable Care Act went into effect last year: the advance premium tax credits to help people pay for health insurance and the individual shared responsibility provision, better known as the individual mandate, which requires people to purchase health insurance. One year later, it’s now time to tell the... (read more)

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