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Affordable Care Act of 2010

U.S. judge hands win to Republicans in Obamacare challenge

U.S. judge hands win to Republicans in Obamacare challenge

WASHINGTON (Reuters) – A U.S. judge on Thursday handed a victory to congressional Republicans who challenged President Barack Obama’s signature healthcare law, ruling that his administration overstepped its constitutional powers relating to government spending. U.S. District Judge Rosemary Collyer, based in Washington, ruled that the administration cannot spend billions of dollars in federal funds to […]

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Washington Alert – IRS needs more employees; IRS seeking applicants for Internal Revenue Service Advisory Council (IRSAC); TIGTA report on premium tax credit (PTC) claims; IRS accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs

Washington Alert – IRS needs more employees; IRS seeking applicants for Internal Revenue Service Advisory Council (IRSAC); TIGTA report on premium tax credit (PTC) claims; IRS  accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs

IRS will soon begin the first wave of a plan to hire up to 700 employees to serve in enforcement positions, IRS Commissioner John Koskinen told agency employees in a May 3 memo. This will mark “the first significant enforcement hiring in over five years,” Koskinen wrote. The initial wave of hiring will fill entry-level […]

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IRS announces ACA premium credit and individual mandate indexing adjustments

IRS announces ACA premium credit and individual mandate indexing adjustments

Rev Proc 2016-24, 2016-16 IRB In a Revenue Procedure, IRS has provided indexing adjustments that are to be used in applying various Affordable Care Act (ACA) provisions under Code Sec. 36B (the premium tax credit) and Code Sec. 5000A (the individual mandate) for 2017. Included in the adjustments are: the 2017 Applicable Percentage Table in […]

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Blue Book, IRS website shed light on complex employer shared responsibility rules

Blue Book, IRS website shed light on complex employer shared responsibility rules

IRS webpage titled “Determining if an Employer is an Applicable Large Employer.” General Explanation of Tax Legislation Enacted in 2015,” prepared by the Staff of the Joint Committee on Taxation” (JCS-1-16, March 2016). This year, employers generally are subject to the full force of the Affordable Care Act (ACA)’s employer shared responsibility (ESR) provisions, as […]

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IRS Tax Tip: Here’s the 4-1-1 on Calculating an Individual Shared Responsibility Payment

IRS Tax Tip: Here’s the 4-1-1 on Calculating an Individual Shared Responsibility Payment

Here’s the 4-1-1 on Calculating an Individual Shared Responsibility Payment  The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment for months without coverage or an exemption when you file your federal income tax return. […]

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Tax Tip – Setting the Record Straight about Health Care Law Forms

Tax Tip – Setting the Record Straight about Health Care Law Forms

Setting the Record Straight about Health Care Law Forms As you’re wrapping up your tax return, the IRS wants to help you understand the differences among forms and documents related to the Affordable Care Act. Here are five tips for individuals navigating the filing requirements related to the health care law. 1. Don’t send health care information […]

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CBO charts federal subsidies for U.S. health insurance coverage

CBO charts federal subsidies for U.S. health insurance coverage

WASHINGTON (Reuters) – U.S. taxpayers will fork over $660 billion this year to subsidize health insurance for people under 65, the vast majority of whom have coverage through their employers, the Congressional Budget Office said on Thursday. In its most comprehensive report on the cost of subsidized health coverage, a potential target for deficit reduction, CBO […]

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IRS Tip – Employers: Have fewer than 50 Employees? Here’s how ACA Affects You

IRS Tip – Employers: Have fewer than 50 Employees? Here’s how ACA Affects You

Employers: Have fewer than 50 Employees? Here’s how ACA Affects You Most employers have fewer than 50 full-time employees or full-time equivalent employees and are not subject to the Affordable Care Act’s employer shared responsibility provision. If an employer has fewer than 50 full-time employees, including full-time equivalent employees, on average during the prior year, […]

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IRS clarifies relief available to recipients of late or incorrect 2014 ACA Marketplace statement

IRS clarifies relief available to recipients of late or incorrect 2014 ACA Marketplace statement

IRS Small Business and Self Employed (SB/SE) Division SBSE-20-0216-0385: Notice 2015-30 Penalty Relief (Feb. 24, 2016). In an internal memo, IRS has clarified the application of Notice 2015-30, which provided penalty relief to taxpayers who received a 2014 Form 1095-A, Health Insurance Marketplace Statement, that was either delayed or that the taxpayer believed to be […]

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Washington Alert – IRS warns of payroll email scheme; GAO critical of process to determine eligibility for enrollment or income-based subsidies required by the Affordable Care Act (ACA); During 2014, Low Income Taxpayer Clinics (LITCs) represented almost 20,000 taxpayers in disputes with IRS

Washington Alert – IRS warns of payroll email scheme; GAO critical of process  to determine eligibility for enrollment or income-based subsidies required by the Affordable Care Act (ACA); During 2014, Low Income Taxpayer Clinics (LITCs) represented almost 20,000 taxpayers in disputes with IRS

IRS issued an alert to payroll and human resources professionals concerning a proliferating email scheme with a focus on company payroll departments  involving purported company executives requesting personal information on employees. (IR 2016-34) According to the agency, several payroll and human resource offices have already been victimized. These entities mistakenly emailed payroll data that contained […]

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U.S. Republican Trump releases healthcare proposals

U.S. Republican Trump releases healthcare proposals

U.S. Republican presidential front-runner candidate Donald Trump on Wednesday unveiled proposals for reforming U.S. healthcare that included repealing Obamacare, allowing prescription drugs to be imported, and turning the Medicaid program for the poor into block grants to states. The plan also calls for the sale of health insurance plans across state lines, full deduction of […]

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Washington Alert – IRS appeals loss in Altera Corp.; IRS Whistleblower Awards on the rise; Reminder for Health Coverage Tax Credit; IRS’s Collection function was responsible for generating $35.7 billion in revenue during FY 2015

Washington Alert – IRS appeals loss in Altera Corp.; IRS Whistleblower Awards on the rise; Reminder for Health Coverage Tax Credit; IRS’s Collection function was responsible for generating $35.7 billion in revenue during FY 2015

IRS has appealed its loss in Altera Corp, (2015) 145 TC No. 3, to the Ninth Circuit. In the earlier case, the Tax Court invalidated the requirement in 2003 final regs that related parties entering into qualified cost sharing arrangements are required to share stock-based compensation costs under Code Sec. 482. The Tax Court held […]

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Deadline approaching to furnish ACA statements to individuals

Deadline approaching to furnish ACA statements to individuals

The extended due date — Mar. 31, 2016 — for employers and other providers of minimum essential coverage to furnish 2015 Forms 1095-B or 1095-C to individuals is quickly approaching. Although the minimum essential coverage reporting requirements have been generally slow to take effect, IRS has stated that the Mar. 31, 2016 deadline is not […]

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Report examines effectiveness of AOTC and policy alternatives

Report examines effectiveness of AOTC and policy alternatives

Congressional Research Service, “The American Opportunity Tax Credit: Overview, Analysis, and Policy Options” (R42561). A recent report issued by the Congressional Research Service (CRS) has provided an overview of the American Opportunity Tax Credit (AOTC), including the policy goals in enacting it, the credit’s effectiveness in attaining those goals, potential ways that Congress could modify […]

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IRS issues guidance on health insurer fee and expatriate plans for 2016

IRS issues guidance on health insurer fee and expatriate plans for 2016

Notice 2016-14, 2016-7 IRB In a Notice, IRS has provided guidance for the 2016 fee year on how the definition of expatriate health plans under the Expatriate Health Coverage Clarification Act of 2014 applies for purposes of the health insurance provider’s fee imposed by Sec. 9010 of the Affordable Care Act. Background. Effective for calendar years […]

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Due date extended for social welfare orgs to provide notification required under Path Act

Due date extended for social welfare orgs to provide notification required under Path Act

Notice 2016-9, 2016-6 IRB In a Notice, IRS has provided interim guidance on Code Sec. 506, newly added by the Protecting Americans from Tax Hikes (PATH) Act of 2015, which requires new and certain existing social welfare organizations to notify IRS of their intent to operate under Code Sec. 501(c)(4). The Notice states that the […]

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Washington Alert – JCT on List of Expiring Federal Tax Provisions; FATCA ‘Feel Good’ Survey; 2015 Filing Season; CBO on Revenue in 2015 – an infographic

Washington Alert – JCT on List of Expiring Federal Tax Provisions; FATCA ‘Feel Good’ Survey; 2015 Filing Season; CBO on Revenue in 2015 – an infographic

The Joint Committee on Taxation (JCT) on Jan. 8 published a document titled “List of Expiring Federal Tax Provisions 2016-2025.” (JCX-1-16) As described by JCT, the document provides a listing of federal tax provisions (other than those providing time-limited transition relief after the repeal of an underlying rule) that are currently scheduled to expire in […]

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IRS guidance for claiming health coverage tax credit for 2014 and 2015

IRS guidance for claiming health coverage tax credit for 2014 and 2015

Notice 2016-02, 2016-02 IRB In a Notice, IRS has provided guidance on who may claim the health coverage tax credit (HCTC), the amount of the credit, and the procedures for claiming the credit for tax years 2014 and 2015. Background. The HCTC helps certain trade-affected workers, retirees, and their families pay their health insurance premiums. The […]

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Affordable Care Act information reporting deadlines are extended

Affordable Care Act information reporting deadlines are extended

Notice 2016-4, 2016-3 IRB In a Notice, IRS had extended the due dates for the 2015 information reporting requirements under the Affordable Care Act (ACA)—both furnishing to individuals and filing with IRS—for insurers, self-insuring employers, and certain other providers of minimum essential coverage under Code Sec. 6055, and the information reporting requirements for applicable large […]

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Healthcare M&A will wear down in 2016

Healthcare M&A will wear down in 2016

NEW YORK (Reuters Breakingviews) – Healthcare M&A will soon be wearing down. The industry’s $550 billion of deals last year is three times more than the previous annual record, according to Thomson Reuters data. Anything close to that sum will prove challenging to repeat. There are several reasons to expect a reversion to the dealmaking […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney