The Affordable Care Act will be fully operational this year, and many of the provisions are implemented through the tax code.
This CPE course will help you better understand the impact of the law including how individual and employer-shared responsibilities are assessed, the availability of premium tax credits for individuals and small businesses and new IRS reporting requirements for firms with 50 or more full-time equivalents. In addition, you'll discover how to use this information for tax planning opportunities. This topic is constantly changing so make sure you're up-to-date on this latest information.
Individual Shared Responsibility Payment
Premium Tax Credit
Employer Shared Responsibility Payment
IRS Employer and Insurer Reporting Requirements
Small Business Tax Credit
The Small Business Health Options Program (SHOP) Exchange
This course will prepare you to:
Identify what insurance qualifies as minimum essential coverage
Identify exemptions from individual shared responsibility payments when individuals do not have minimum essential coverage
Estimate the individual shared responsibility penalty in 2016 under different assumptions about income and family size
Identify factors affecting eligibility for ACA premium tax credits
Estimate premium tax credit under different income levels
Calculate amount of premium tax credits that must be reconciled to income tax returns
Estimate firm size based on FTE to determine which firms are potentially liable for an employer shared responsibility payment
Recall the correct definition of dependent for dependent coverage under the employer-shared responsibility payments
Identify what factors trigger an employer shared responsibility payment
Calculate potential penalties for employers who currently provide health insurance coverage and for those who do not provide health insurance coverage
Identify how potential penalties are applied in a controlled group
Identify the ACA provisions that the IRS is responsible for in terms of implementation, administration, and enforcement.
Identify which IRS reporting forms and required information employers and insurers must submit
Identify what elements are to be reported on IRS ACA reporting
Recall due dates for IRS reporting requirements
Identify under which circumstances a firm can use the general versus alternative method of reporting
Identify which firms are eligible for small business tax credit given average wages and firm size
Identify which workers are included in the FTE calculation and which one’s coverage is eligible for small business tax credit
Estimate amount of tax credit eligible for given firm characteristics and premiums
Identify effective dates of other ACA tax provisions
Determine if tax filer is subject to additional Medicare tax and estimate amount of tax
Identify ACA changes to tax-advantaged health accounts
Who Will Benefit?
CPAs, enrolled Agents, financial advisors, insurance brokers
Advance Preparation: None
Enhanced On-Demand Format
This enhanced on-demand format features audio and voice narration to keep you actively engaged with the course content. Additionally, updated course navigation allows you to easily move throughout the material. For your convenience, a PDF version of the text manual is included for download to use as a reference guide.