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Tax Tip Tuesday: 2017 HSA Limits

Tax Tip Tuesday: 2017 HSA Limits

If you have an HSA account, here are some important changes you need to know about for 2017. The IRS has provided the annual inflation-adjusted contribution, deductible, and out-of-pocket expense limits for 2017 for health savings accounts (HSAs). For calendar year 2017, the limitation on deductions is $3,400 (up from $3,350 for 2016) for an individual with self-only coverage. It's $6,750 (no change from 2016) for an individual with family coverage under a HDHP. Each of these

Tax Tip Tuesday: New Health Care Coverage Reporting Requirements for Large Employers

Tax Tip Tuesday: New Health Care Coverage Reporting Requirements for Large Employers

Today we will address the new reporting requirements for large employers concerning health coverage. List of Reporting Guidelines from the IRS: Under the health care law, applicable large employers (ALE) are employers with 50 or more full-time employees, including full-time equivalent employees, in the preceding year. They are required to report some information regarding health coverage by filing information returns with the IRS and furnishing statements to full-time employe

Reporting Changes to the Insurance Exchange

Reporting Changes to the Insurance Exchange

Today we will discuss the possible need to report changes if you are covered under an Insurance Exchange for health insurance. If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit. These are paid directly to your insurance company to lower your monthly premium. Changes in your income or family size may affect your premium tax credit. If your circumstances have changed, the time is right for a mid-year ch

2015 HSA Limits

2015 HSA Limits

The IRS released the annual inflation-adjusted contribution, deductible, and out-of-pocket expense limits for 2015 for health savings accounts (HSAs). Eligible individuals may, subject to statutory limits, make deductible contributions to an HSA. Employers, as well as other persons (e.g., family members), also may contribute on behalf of an eligible individual. Employer contributions generally are treated as employer-provided coverage for medical expenses under an accident or

Employer Mandate Part 3

Employer Mandate Part 3

Now some employers have more time before the employer mandate fully takes effect. The U.S. Treasury Department has issued final regulations for implementing the employer mandate that is part of the Affordable Care Act. The final rules give transition relief for 2015 to provide a gradual phase-in of the employer responsibility provisions and assist employers in complying and providing coverage. While the employer responsibility provisions will generally apply starting in 2015,

Employer Mandate Part 2

Employer Mandate Part 2

Beginning in 2015, applicable large employers may be subject to the employer shared responsibility penalties under the Affordable Care Act if they do not offer full-time employees (and their dependents) health insurance coverage that meets certain criteria. In order to avoid penalties, any applicable large employer has to determine which of its current employees must be offered affordable health insurance. They must offer affordable health insurance coverage to full-time empl

Employer Mandate Part 1

Employer Mandate Part 1

For the next few weeks, we will be taking a look at the employer mandate that is part of the Affordable Care Act. Before the Affordable Care Act, employers had complete discretion whether to offer health plan coverage to their employees and their dependents. Now with the passage of the Affordable Care Act, the rules have drastically changed. Large employers may be subject to a penalty if they do not offer their full-time (and their dependents) the opportunity to enroll in

Individual Mandate - Minimum Essential Coverage

Today we will continue to address the requirement that individuals maintain health insurance, specifically the meaning of the term “minimum essential coverage.” For purposes of the requirement that “applicable individuals” will have to maintain “minimum essential coverage” after 2013, the term “minimum essential coverage” will mean coverage under any of the following: Medicare program under Part A of Title XVIII of the Social Security Act Medicaid program under Title XIX of t

Individual Mandate

Today we will begin to address the requirement that individuals maintain health insurance. The Patient Protection and Affordable Care Act also known as Obamacare, contains an “individual mandate”—a requirement that U.S. citizens and legal residents have qualifying health coverage or be subject to a tax penalty. I'm writing to give you an overview of the penalty provisions enforcing the individual mandate. Under the new law, effective for tax years beginning after December 31

Medicare Tax

Due to several recent client inquiries, today we are going to revisit the topic regarding increased hospital insurance tax (Medicare tax). This tax was a result of health care reform legislation. It affects high income earners and the employers of those same individuals. For tax years beginning after December 31, 2012, an additional 0.9% Medicare tax applies to wages received with respect to employment in excess of: $250,000 for joint returns; $125,000 for married taxpayers

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