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Affordable Care Act of 2010

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 – CBO on Revenue Forecasts; TPC on Reforming the Child Care Credit; Webinar on S Corporation Shareholder Stock Basis; ACA Verification Service (AVS)

Washington Alert – CBO on Revenue Forecasts; TPC on Reforming the Child Care Credit; Webinar on S Corporation Shareholder Stock Basis; ACA Verification Service (AVS)

The Congressional Budget Office (CBO) recently released an assessment of the accuracy of its past revenue forecasts beginning with ’82. (CBO’s Revenue Forecasting Record) “On average, the agency’s projections have been a bit too high—more so for projections spanning six years than for those spanning two—owing mostly to the difficulty of predicting when economic downturns […]

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When employer’s health insurance payment under spouse’s group health plan is excludible

When employer’s health insurance payment under spouse’s group health plan is excludible

Chief Counsel Advice 201547006 In Chief Counsel Advice (CCA), IRS probed whether an employer may exclude, from an employee’s gross income, payments for the cost of health insurance coverage provided through the group health plan of the employee’s spouse. It concludes that the payments may be excluded but only to the extent the spouse has […]

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Affordable Care Act final regs finalize an array of issues covered in previous guidance

Affordable Care Act final regs finalize an array of issues covered in previous guidance

T.D. 9744, 11/13/2015, Reg. § 54.9815-1251, Reg. § 54.9815-2704, Reg. § 54.9815-2711 , Reg. § 54.9815-2712, Reg. § 54.9815-2714, Reg. § 54.9815-2719 , Reg. § 54.9815-2719A IRS, the Department of Labor (DOL), and the Department of Health and Human Services (HHS) — collectively, the Departments — have issued final regs on grandfathered health plans, preexisting […]

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IRS releases adjusted dollar amount for Patient-Centered Outcomes Research Institute fee

IRS releases adjusted dollar amount for Patient-Centered Outcomes Research Institute fee

Notice 2015-60, 2015-43 IRB In a Notice, IRS has provided the adjusted applicable dollar amount to be multiplied by the average number of covered lives for purposes of the Patient-Centered Outcomes Research Institute fee imposed by Code Sec. 4375 and Code Sec. 4376 for policy and plan years that end on or after Oct. 1, […]

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IRS offers preview of proposed regs on health insurance coverage reporting

IRS offers preview of proposed regs on health insurance coverage reporting

Notice 2015-68, 2015-41 IRB In a Notice, IRS has advised taxpayers of its intent to issue proposed regs under Code Sec. 6055 that would, among other things, clarify reporting requirements with respect to catastrophic health insurance plans enrolled in through an Exchange and modify the existing “supplemental coverage rule.” The Notice also provides penalty relief […]

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Washington Alert – Change in LB&I Division;TIGTA report on IRS options re payment;IRS on ACA – Applicable Large Employers;The Pension Benefit Guaranty Corporation publishes final rule on reportable events

Washington Alert – Change in LB&I Division;TIGTA report on IRS options re payment;IRS on ACA – Applicable Large Employers;The Pension Benefit Guaranty Corporation publishes final rule on reportable events

A big shakeup is underway for IRS’s Large Business and International (LB&I) Division, and its new look will be launched in the early months of 2016, according to Douglas O’Donnell, commissioner of the division. O’Donnell and several other agency officials revealed a number of key details during their appearance at a Sept. 17 conference in […]

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Employers Must Report HRAS on Affordable Care Act Information Returns

Employers Must Report HRAS on Affordable Care Act Information Returns

During a September 3 payroll industry telephone conference call, an IRS representative verified that the agency’s view is that employers must report health reimbursement account (HRA) arrangements on Affordable Care Act (ACA) information returns. Click here for the draft Aug. 5, 2015, instructions for 2015 Forms 1094-B and 1095-B. Background on HRAs. A health reimbursement Account […]

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Proposed regs require hospital & physician coverage to satisfy minimum value requirement

Proposed regs require hospital & physician coverage to satisfy minimum value requirement

Preamble to Prop Reg 08/31/2015; Prop Reg § 1.36B-6 As previewed in a Notice issued in November of 2014, IRS has partially withdrawn a portion of earlier proposed regs on the health insurance premium tax credit under Code Sec. 36B and issued new proposed regs under which an employer-sponsored health plan would provide minimum value […]

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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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U.S. Government to extend healthcare nondiscrimination law to transgender people

U.S. Government to extend healthcare nondiscrimination law to transgender people

NEW YORK (Reuters) – The U.S. government said on Thursday it will extend its healthcare nondiscrimination law to transgender individuals and require health insurers and medical providers to treat all patients equally, regardless of sex. The Affordable Care Act, also known as Obamacare, was passed in 2010 and included anti-discrimination provisions to prevent insurers from charging customers […]

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Washington Alert – Health Insurance Companies and ACA; U.S. and St. Vincent and the Grenadines on Aug. 18 sign an intergovernmental agreement; TIGTA on levies and taxpayer rights

Washington Alert – Health Insurance Companies and ACA; U.S. and St. Vincent and the Grenadines on Aug. 18 sign an intergovernmental agreement; TIGTA on levies and taxpayer rights

IRS on Aug. 27 advised taxpayers that health insurance companies may ask policyholders to provide Social Security numbers (SSNs) for themselves, spouses and children covered by the policies. (HCTT-2015-53) “This is because the Affordable Care Act requires every provider of minimum essential coverage to report that coverage by filing an information return with the IRS […]

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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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Bits ’n Pieces – GOP Obamacare dilemma hits presidential contest; LA losing $20 million a year; Rubio to Detroit; NY trying to create affordable housing; Cadillac tax plan, another perspective

Bits ’n Pieces – GOP Obamacare dilemma hits presidential contest; LA losing $20 million a year; Rubio to Detroit; NY trying to create affordable housing; Cadillac tax plan, another perspective

Republicans’ Obamacare ‘repeal and replace’ dilemma joins presidential contest. By David A. Fahrenthold and Jenna Johnson – The Washington Post. Since 2010, Republicans have pledged a legislative backflip that would please conservatives who despise the law’s every word and moderates who want to keep some of its benefits. They haven’t been able to do it. […]

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Republican Walker proposes health tax credits by age, not income

Republican Walker proposes health tax credits by age, not income

WASHINGTON (Reuters) – Republican presidential contender Scott Walker on Tuesday unveiled his healthcare plan: repeal Obamacare and replace it with age-based tax credits that Americans could use to offset the cost of purchasing their own coverage. Under his plan, the Wisconsin governor said he would give up to $3,000 directly to taxpayers to buy health […]

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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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Interim guidance clarifies application of ACA & EHCCA to expatriate health plans

Interim guidance clarifies application of ACA & EHCCA to expatriate health plans

Notice 2015-43, 2015-29 IRB In a Notice, IRS has provided interim guidance on the application of certain provisions of the Affordable Care Act (ACA) to expatriate health insurance issuers, expatriate health plans, and employers in their capacity as plan sponsors of expatriate health plans, as defined in the Expatriate Health Coverage Clarification Act of 2014 […]

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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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Favorable treatment for retiree health reimbursement plan funded by unused sick leave

Favorable treatment for retiree health reimbursement plan funded by unused sick leave

PLR 201528004 In a private letter ruling (PLR), IRS has held that contributions by an employer to a plan, under which retired employees could elect to have a health reimbursement arrangement (HRA) funded by their unused sick leave at their retirement date, generally did not result in taxable income or FICA or FUTA wages for […]

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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