The future of the ACA
The future of the ACA (sometimes called "Obama Care") is an open question, so paying close attention to new health legislation is paramount. You must pay attention to running your own company or caring for your own family. Let a Certified Public Accountant who's well equipped to follow and understand these changes, help you keep track of it all. I have had the opportunity to work with one such CPA, Tanya Higginbotham, who is the Managing Member of Accountability Team LLC. Recently mentioned on the Accountability Team LLC website is the importance of meeting the individual mandate, keeping good records of your coverage, and careful preparation of your taxes in light of any ACA compliance issues. The ACA has caused some confusion. Each year since it passed, clients are "surprised" to find that they have to pay a penalty for not having insurance that complies with the ACA. Also, anyone on a subsidized Obama Care health plan may have to pay back some or all of their premiums if their family income increased from bonuses, raises, new jobs and the like. When these increases happen, the taxpayer may have to repay some or all of the ACA subsidy. This work in reverse too. If your family suffers a job loss or other reduction in income, and you don't contact the marketplace to increase your subsidy, you may be entitled to pay less taxes, or even get a larger refund. The Employer Mandate Might Not Apply to Small Businesses If you have less than 50 Full Time or Full Time Equivalent (FTE) employees, you won't be required to provide coverage for your employees. If you have a fluctuating workforce, and your numbers draw near to 50, pay close attention and keep good records. There is a formula that determines if certain non-full time hours add up to additional FTEs. Trust your CPA to get this right. If you have less than 25 employees making less than $50,000 and you pay at least 50% of their premium through the SHOP marketplace, you could get a tax credit. For a more detailed look at this topic, visit Affordable Care Act – Obama Care on Tanya's Accountability Team LLC website. When you're ready to prepare your taxes, or make plans for next tax season, give her a call at 813-689-6413
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