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Advance Premium Tax Credit

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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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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Health Care Law: Tax Considerations for Employers with fewer than 50 Employees

Health Care Law: Tax Considerations for Employers with fewer than 50 Employees

Some of the tax provisions of the Affordable Care Act apply only to employers with fewer than 50 full-time or full-time equivalent employees. Employers with fewer than 50 employees should take note of these tax considerations: More than 95 percent of employers have fewer than 50 full-time employees or equivalents and are not subject to the employer shared […]

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Washington Alert – TIGTA on IRS processing returns claiming PTC; Tax Policy Center – Why Individual Income Tax Revenues Grow Faster Than GDP; District Court orders IRS to comply with FOIA

Washington Alert – TIGTA on IRS processing returns claiming PTC; Tax Policy Center – Why Individual Income Tax Revenues Grow Faster Than GDP; District Court orders IRS to comply with FOIA

During the 2015 filing season, IRS’s processing of tax returns that reported or claimed premium tax credits (PTCs) was hampered by prolonged delays in receiving data from various Marketplaces (also known as Exchanges), the Treasury Inspector General for Tax Administration (TIGTA) said in an audit released on Sept. 1. (Audit Report No. 2015-43-057) As of March […]

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Washington Alert – CBO says FY 2015 Budget smaller; IRS sending letters delinquent taxpayers claiming ACA Premium Tax Credit; Tax Policy Center report on low- and moderate-income working families

Washington Alert – CBO says FY 2015 Budget smaller; IRS sending letters delinquent taxpayers claiming ACA Premium Tax Credit; Tax Policy Center report on low- and moderate-income working families

The fiscal year (FY) 2015 federal budget deficit “will be noticeably smaller” than what it projected in March due, in large measure, to unexpectedly high receipts, the Congressional Budget Office (CBO) said on Aug. 25. (An Update to the Budget and Economic Outlook: 2015-2025) The current FY will end with a budget deficit of $426 […]

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Washington Alert – CMS concerned of loss of ACA’s premium tax credit; IRS Collection being proactive on payroll taxes; JCT Report onMacroeconomic Effects of the ‘Tax Relief Extension Act of 2015

Washington Alert – CMS concerned of loss of ACA’s premium tax credit; IRS Collection being proactive on payroll taxes; JCT Report onMacroeconomic Effects of the ‘Tax Relief Extension Act of 2015

Federal officials, including those at the Centers for Medicare and Medicaid Services (CMS), are continuing to voice concerns regarding the possibility that up to an estimated 1.8 million households could lose their eligibility to receive the Affordable Care Act’s premium tax credit in 2016. Based on Treasury Department data, these households have been receiving the […]

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Wake-up call for employers on complex ACA information reporting requirements

Wake-up call for employers on complex ACA information reporting requirements

The Summer, 2015, issue of the SSA/IRS Reporter, a Newsletter for Employers, carries an important reminder that employers subject to the Affordable Care Act’s (ACA) employer shared responsibility (ESR) provisions should already be tracking the data they’ll need to file complex information reporting forms early in 2016. The newsletter cautions that many employers will need […]

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Washington Alert – IRS Commissioner won’t resign; Court threatens IRS with contempt if documents are not produced; GAO Report critical of IRS oversight of individual shared responsibility and the premium tax credit

Washington Alert – IRS Commissioner won’t resign; Court threatens IRS with contempt if documents are not produced; GAO Report critical of IRS oversight of individual shared responsibility and the premium tax credit

IRS Commissioner John Koskinen used a July 29 visit to Capitol Hill to make clear that he has no intention of resigning despite calls from Republicans on the House Oversight and Government Reform Committee for his immediate departure. On July 27, 21 GOP members of the panel sent a letter to President Barack Obama requesting […]

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Washington Alert – APTC face spotlight; TIGTA on IRS Automated Underreporter Program; 3 More Banks enter Swiss Bank Program

Washington Alert – APTC face spotlight; TIGTA on IRS Automated Underreporter Program; 3 More Banks enter Swiss Bank Program

The use of the advance premium tax credit (APTC) provided for by the Affordable Care Act and the administration of the tax credit are now in the spotlight of Sen. Orrin Hatch (R-UT), chairman of the Senate Finance Committee. During July 16 testimony before Hatch’s panel, the Government Accountability Office (GAO) revealed it had conducted […]

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TIGTA critical of IRS handling of premium tax credit claims; recommends improvements

TIGTA critical of IRS handling of premium tax credit claims; recommends improvements

A report by the Treasury Inspector General for Tax Administration (TIGTA) concludes that IRS’s preparations for verifying the accuracy of premium tax credit (PTC) claims during the 2015 Filing Season fell short of the mark. It recommends that IRS revise the way it verifies PTC claims and suggests ways to better identify certain erroneous PTC […]

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IRS Notice: Mere Eligibility For Chip “Buy-In” Program Won’t Preclude Qualification For Premium Credit

IRS Notice: Mere Eligibility For Chip “Buy-In” Program Won’t Preclude Qualification For Premium Credit

Notice 2015-37, 2015-19 IRB In a Notice, IRS has provided guidance on eligibility for minimum essential coverage under Code Sec. 36B for individuals who may enroll in coverage under certain Children’s Health Insurance (CHIP) “buy-in” programs. IRS has determined that such an individual will be treated as eligible for minimum essential coverage (and thus ineligible […]

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Senate Committee Explores Options if Supreme Court Strikes Down Premium Tax Credit Regs

Senate Committee Explores Options if Supreme Court Strikes Down Premium Tax Credit Regs

The Senate Committee on Small Business & Entrepreneurship (SBC) held a hearing on April 29 called “King vs. Burwell Supreme Court Case and Congressional Action that can be taken to Protect Small Businesses and Their Employees.” According to SBC Chairman David Vitter (R-LA), the purpose of the hearing was to discuss the case, which will […]

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IRS guidance: when will amending return to reflect corrected ACA form save taxes?

IRS guidance: when will amending return to reflect corrected ACA form save taxes?

IRS has updated its Q & A website on how taxpayers who received incorrect 2014 Form 1095-A, Health Insurance Marketplace Statement, should deal with that fact. The update provides guidance on how such taxpayers can determine whether it is likely that they will benefit from filing an amended 2014 income tax return after they receive […]

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IRS Provides Limited Penalty Relief Relating To Marketplace Tax Statement Errors

IRS Provides Limited Penalty Relief Relating To Marketplace Tax Statement Errors

Notice 2015-30, 2015-17 IRB In a Notice, IRS has provided penalty relief to taxpayers who received a Form 1095-A, Health Insurance Marketplace Statement, that was delayed or that the taxpayer believes to be incorrect and who timely filed their 2014 income tax return, including extensions. Relief is provided from the penalties under Code Sec. 6651(a)(2) […]

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IRS Reminds Taxpayers about the Tax Provisions of the Health Care Law

IRS Reminds Taxpayers about the Tax Provisions of the Health Care Law

HCTT-2015-26: IRS Reminds Taxpayers about the Tax Provisions of the Health Care Law With the tax filing deadline approaching the IRS reminds taxpayers that the health care law contains tax provisions that affect 2014 income tax returns. Almost everyone is affected by the individual shared responsibility provision while only people who purchased coverage through the […]

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HCTT-2015-24:Interactive Tool Helps You Understand Health Care Law’s Effect on Your Taxes

HCTT-2015-24:Interactive Tool Helps You Understand Health Care Law’s Effect on Your Taxes

Interactive Tool Helps You Understand Health Care Law’s Effect on Your Taxes The Interactive Tax Assistant is an online resource that can answer a wide range of tax questions, including newer areas of the tax law, like the Affordable Care Act. It can answer questions such as: Am I eligible to claim the Premium Tax Credit? This […]

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Washington Alert – – Common Filing Errors, APTC update, Low Income Taxpayer Clinics

Washington Alert – – Common Filing Errors, APTC update, Low Income Taxpayer Clinics

IRS on March 27 published a list of eight common tax-filing errors to avoid. (IRS Tax Tip 2015-48) The list includes the following – wrong or missing Social Security numbers; wrong names; incorrect filing status; math mistakes; errors in figuring credits or deductions; wrong bank account numbers; unsigned forms; and electronic filing Personal Identification Number […]

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HCTT-2015-25: Find Answers to Your Questions about Incorrect Forms 1095-A and the Premium Tax Credit

HCTT-2015-25: Find Answers to Your Questions about Incorrect Forms 1095-A and the Premium Tax Credit

The IRS has provided answers to tax filing questions for individuals who have received incorrect Forms 1095-A, Health Insurance Marketplace Statements. If you were enrolled in qualifying Marketplace coverage, filed your return using information from your Form 1095-A, Health Insurance Marketplace Statement, and you later learn that the information on that form was incorrect, you do […]

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IRS Letters Ask Some Taxpayers To Send Their Health Care Form 1095-A

IRS Letters Ask Some Taxpayers To Send Their Health Care Form 1095-A

Click here for IRS’s webpage entitled “Health Insurance Marketplace Statements” (updated Mar. 30, 2015). IRS has begun sending letters to certain taxpayers that claimed the premium tax credit on their 2014 tax return and sought a tax refund; the letters ask the taxpayers for more information and/or a copy of the taxpayer’s Form 1095-A, Health […]

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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