Page 76 - Life_In_Naples_Magazine_January_2015
P. 76
FINANCE
IS HERE
THE AFFORDABLE
CARE ACT
by Michael Wiener, E.A.
D ue to the fact that the Affordable Care Act (ACA) is “ As your tax professional I am
primarily regulated by the Internal Revenue Service in
conjunction with Tax Professionals and the ACA applies
to virtually all tax payers it is important to address the issue at this required to conduct suficient
point. due diligence to determine your
One of the primary objectives of the Affordable Care Act is to coverage is suficient to not
dramatically expand health insurance coverage for individuals who
are currently uninsured. Starting in 2014, ACA generally requires warrant the penalty assessment.
taxpayers to pay a penalty with their individual income tax returns, ”
unless they have qualified health plan coverage for themselves and
their dependents, or they meet a specific to report on the new Form 8965, Health Coverage Exemptions.
exemption. There is no ECN electronic application. You will need to complete
the application and wait to receive the ECN in the mail in
During the preparation of your
federal income tax return, I will need to approximately two to three weeks. You can obtain the application
see evidence that every member of your at www.Healthcare.gov.
household included on your tax return is The ACA has placed many requirements on taxpayers but the
covered by a qualified health plan. requirements do not stop there. As your tax professional I am
1. If you purchased your health
required to conduct sufficient due diligence to determine your
insurance through the federal or state coverage is sufficient to not warrant the penalty assessment. Your
return will require additional time and computation with the
healthcare Marketplace, you should
receive a Form 1095-A from the
possibility of more than six new tax forms added to the filing
Marketplace by January 31, 2015. for 2014. Without question, return preparation time will be
2. If you are covered by a qualified employer sponsored health increased as well as time to consider the aspects of how the ACA
plan, you may receive Form 1095-C from your employer by January will impact you.
31, 2015. We understand that these new reporting requirements may
3. If you purchased your health insurance plan through a private be cumbersome during the implementations of provisions of the
insurance provider you may receive a Form 1095-B by January 31, ACA; thus, should you have any questions concerning these new
2015. reporting requirements, please contact my office for additional
Please note that if you received coverage in 2014 under an clarification.
employer sponsored health plan or you purchased health insurance
coverage through a private insurance provider you may not receive
forms 1095-B or 1095-C by January 31, 2015 as reporting of this If you should have a topic that you would like me to
coverage is voluntary for plan year 2014. The IRS is encouraging discuss or if you should have a question, please feel free to
voluntary reporting of this information to covered individuals. call 239.403.4410 or e-mail me at
Accordingly, if you do not receive the above mentioned reporting mike@cctaxandaccounting.com.
forms, it will be necessary for you to provide my office with
documentation of your health insurance coverage for the entire An enrolled agent, licensed by the US Department
year. of the Treasury to represent taxpayers before the IRS
The ACA established exemptions from the individual insurance for audits, collections and appeals. To attain the enrolled
mandate penalty. Some exceptions are claimed on the tax return, agent designation, candidates must demonstrate expertise
while some require an application through the Marketplace. in taxation, fulfill continuing education credits and adhere
An exemption obtained through the Marketplace has a unique to a stringent code of ethics.
Exemption Certificate Number (ECN). This number is required
76 Life in Naples | January 2015
IS HERE
THE AFFORDABLE
CARE ACT
by Michael Wiener, E.A.
D ue to the fact that the Affordable Care Act (ACA) is “ As your tax professional I am
primarily regulated by the Internal Revenue Service in
conjunction with Tax Professionals and the ACA applies
to virtually all tax payers it is important to address the issue at this required to conduct suficient
point. due diligence to determine your
One of the primary objectives of the Affordable Care Act is to coverage is suficient to not
dramatically expand health insurance coverage for individuals who
are currently uninsured. Starting in 2014, ACA generally requires warrant the penalty assessment.
taxpayers to pay a penalty with their individual income tax returns, ”
unless they have qualified health plan coverage for themselves and
their dependents, or they meet a specific to report on the new Form 8965, Health Coverage Exemptions.
exemption. There is no ECN electronic application. You will need to complete
the application and wait to receive the ECN in the mail in
During the preparation of your
federal income tax return, I will need to approximately two to three weeks. You can obtain the application
see evidence that every member of your at www.Healthcare.gov.
household included on your tax return is The ACA has placed many requirements on taxpayers but the
covered by a qualified health plan. requirements do not stop there. As your tax professional I am
1. If you purchased your health
required to conduct sufficient due diligence to determine your
insurance through the federal or state coverage is sufficient to not warrant the penalty assessment. Your
return will require additional time and computation with the
healthcare Marketplace, you should
receive a Form 1095-A from the
possibility of more than six new tax forms added to the filing
Marketplace by January 31, 2015. for 2014. Without question, return preparation time will be
2. If you are covered by a qualified employer sponsored health increased as well as time to consider the aspects of how the ACA
plan, you may receive Form 1095-C from your employer by January will impact you.
31, 2015. We understand that these new reporting requirements may
3. If you purchased your health insurance plan through a private be cumbersome during the implementations of provisions of the
insurance provider you may receive a Form 1095-B by January 31, ACA; thus, should you have any questions concerning these new
2015. reporting requirements, please contact my office for additional
Please note that if you received coverage in 2014 under an clarification.
employer sponsored health plan or you purchased health insurance
coverage through a private insurance provider you may not receive
forms 1095-B or 1095-C by January 31, 2015 as reporting of this If you should have a topic that you would like me to
coverage is voluntary for plan year 2014. The IRS is encouraging discuss or if you should have a question, please feel free to
voluntary reporting of this information to covered individuals. call 239.403.4410 or e-mail me at
Accordingly, if you do not receive the above mentioned reporting mike@cctaxandaccounting.com.
forms, it will be necessary for you to provide my office with
documentation of your health insurance coverage for the entire An enrolled agent, licensed by the US Department
year. of the Treasury to represent taxpayers before the IRS
The ACA established exemptions from the individual insurance for audits, collections and appeals. To attain the enrolled
mandate penalty. Some exceptions are claimed on the tax return, agent designation, candidates must demonstrate expertise
while some require an application through the Marketplace. in taxation, fulfill continuing education credits and adhere
An exemption obtained through the Marketplace has a unique to a stringent code of ethics.
Exemption Certificate Number (ECN). This number is required
76 Life in Naples | January 2015
