Jack from Ohio Posted January 16, 2015 Report Share Posted January 16, 2015 1095 Begins to Arrive Taxpayers are beginning to receive the new 1095-A form and preparers will soon be getting questions about this new documentation for the Affordable Care Act (ACA). CCH has the answers that you need to be prepared in order to handle ACA questions this tax season. In addition to the ACA Resource Center, a series of "fireside chats" will be available through the ATX Solution Center. These brief, recorded interviews with the CCH SFS tax experts on select ACA topics are designed to address common concerns about this complex area of tax law. Visit the ACA Resource Page to view the first presentation in this series and learn more about the new 1095-A form. Posted by ATX-John at 11:20 AM Labels: ACA, Affordable Care Act, ATX, Support, Training Quote Link to comment Share on other sites More sharing options...
jklcpa Posted January 16, 2015 Report Share Posted January 16, 2015 1095 Begins to Arrive Taxpayers are beginning to receive the new 1095-A form and preparers will soon be getting questions about this new documentation for the Affordable Care Act (ACA). CCH has the answers that you need to be prepared in order to handle ACA questions this tax season. In addition to the ACA Resource Center, a series of "fireside chats" will be available through the ATX Solution Center. These brief, recorded interviews with the CCH SFS tax experts on select ACA topics are designed to address common concerns about this complex area of tax law. Visit the ACA Resource Page to view the first presentation in this series and learn more about the new 1095-A form. Posted by ATX-John at 11:20 AM Labels: ACA, Affordable Care Act, ATX, Support, Training One of my clients already had their 1095-A in hand last week. He received an email from the Marketplace instructing him how to print the form from the Marketplace messages section. He said one would be coming in the mail also. Apparently, anyone who signed up for email as their method of communicating with the Marketplace may already have access to their form. Quote Link to comment Share on other sites More sharing options...
FreedomTaxed Posted January 16, 2015 Report Share Posted January 16, 2015 It's not the 1095-A that worries me. It's the employer stuff. http://www.accountingtoday.com/news/irs-watch/obamacare-navigate-tax-filing-headache-73328-1.html "One issue with the mandate is that workers won’t get statements from employers that say whether their insurance met the law’s requirements for minimum coverage. The IRS delayed that requirement until the 2016 tax-filing year, and the lack of information will limit the government’s ability to enforce the law." If the employer isn't properly informing their employees, then how are we tax preparers supposed to properly perform due diligence for this stuff? Our current solution is to have the client fill out something like the IRS Form 13614-C, which this year contains the healthcare disclosure, and then we have them sign the usual "hereby sworn to be true" blah blah terms and conditions at the bottom. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted January 16, 2015 Author Report Share Posted January 16, 2015 It's not the 1095-A that worries me. It's the employer stuff. http://www.accountingtoday.com/news/irs-watch/obamacare-navigate-tax-filing-headache-73328-1.html "One issue with the mandate is that workers won’t get statements from employers that say whether their insurance met the law’s requirements for minimum coverage. The IRS delayed that requirement until the 2016 tax-filing year, and the lack of information will limit the government’s ability to enforce the law." If the employer isn't properly informing their employees, then how are we tax preparers supposed to properly perform due diligence for this stuff? Our current solution is to have the client fill out something like the IRS Form 13614-C, which this year contains the healthcare disclosure, and then we have them sign the usual "hereby sworn to be true" blah blah terms and conditions at the bottom. The IRS is not doing any verification of any ACA information for tax year 2014 EXCEPT those that receive 1095-A from the exchange. This comes from Karen Hawkins directly from her voice to my ear face to face in June 2014. Tax year 2015 will be different as the insurers AND employers with over 100 employees are required to send the appropriate 1095 forms. There will be a vehicle for the IRS to verify the information. Please note: The cutbacks at the IRS will severely inhibit their ability to do anything. I look for more computer generated mail audits and a HUGE spike in the number of CP2000 notices starting about 12 months from now. Quote Link to comment Share on other sites More sharing options...
SaraEA Posted January 17, 2015 Report Share Posted January 17, 2015 The speaker at a seminar I went to last week said virtually all policies sold in the US are now compliant with the ACA requirements. Remember all the flack about the President saying "If you like your policy, you can keep it," and then so many policies being cancelled? Those policies were not compliant, which is why they couldn't be renewed. Speaker said this is one area of the ACA we don't have to worry about--if they have medical insurance, it's compliant (or grandfathered). We just have to be sure it's health care insurance, not something like dental insurance or AD&D. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted January 17, 2015 Author Report Share Posted January 17, 2015 The speaker at a seminar I went to last week said virtually all policies sold in the US are now compliant with the ACA requirements. Remember all the flack about the President saying "If you like your policy, you can keep it," and then so many policies being cancelled? Those policies were not compliant, which is why they couldn't be renewed. Speaker said this is one area of the ACA we don't have to worry about--if they have medical insurance, it's compliant (or grandfathered). We just have to be sure it's health care insurance, not something like dental insurance or AD&D. That is NOT the case in most instances. My wife's is being drastically reduced due to it being "too good." Our out of pocket expense will increase 1,600% for 2016. Her employer, over 1,000 employees decided not to pay the "Cadillac tax" on the healthcare plan. The old plan WAS compliant. The president said, before the law was passed: "If you like your plan, you can keep it" had no reference to "compliant." The speaker is totally out of touch with reality of the working people and adding things to what the President said, in order to "cover" for the failed plan and the people that passed it. I refuse to spread untruths to my clients, whom already know better. The speaker is out of touch with the real world of working people. 1 Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted January 17, 2015 Report Share Posted January 17, 2015 My own plan is not compliant. It was grandfathered in for 2014 and 2015, because my state dd not expand Medicaid. I'm just hoping that somehow I can continue to keep it. When I checked the exchange for a similar plan, it was over $400 more per month. I am perfectly happy with my plan and will be really angry if I have to drop to a bronze plan just to afford the premiums. Quote Link to comment Share on other sites More sharing options...
FreedomTaxed Posted January 17, 2015 Report Share Posted January 17, 2015 SaraEA, I was more worried about the dates of coverage for which we were allegedly on the hook for confirming. If that's not expected this year, and a 1095 will positively show up for all insured people next year, then everything seems fine. Quote Link to comment Share on other sites More sharing options...
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