CPE Self-Study

Health Care Reform Act: Critical Tax and Insurance Ramifications

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    Health Care Reform Act: Critical Tax and Insurance Ramifications Availability : In Stock Product #: 745817
    AICPA Member: $99.00
    Non-Member: $129.00
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The Patient Protection and Affordable Care Act (ACA) continues to be fully operational, 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 (FTEs). 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.

Learning Objectives

This course will prepare you to do the following:

  • Identify what insurance qualifies as minimum essential coverage under the ACA.
  • 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 the premium tax credit under different income levels.
  • Calculate the amount of the premium tax credit that must be reconciled to an income tax return.
  • Estimate firm size based on FTEs 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 implementing, administering, and enforcing.
  • 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 the small business tax credit, given average wages and firm size.
  • Identify which workers are included in the FTE calculation and respective coverage costs that are eligible for the small business tax credit.
  • Estimate the amount of tax credit a business is eligible for given firm characteristics and premiums.
  • Identify effective dates of other ACA tax provisions.
  • Determine if the tax filer is subject to additional Medicare tax and estimate the amount of tax.
  • Identify ACA changes to tax-advantaged health accounts.

Key Topics

  • 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

Who Will Benefit?

  • CPAs, enrolled agents, financial advisers, insurance brokers

System Requirements

About the Authors

Janemarie Mulvey, Ph. D.

Janemarie Mulvey is an economist and award-winning author with more than 25 years of experience in the analysis of health and long-term care financing, taxation, and retirement security issues.

As a senior health economist at the Congressional Research Service (CRS) during enactment and implementation of the Affordable Care Act, Dr. Mulvey advised members of Congress and their staffs on key issues of the law and the nuances and complexities relating to implementation issues. Her CRS reports on ACA provisions—including employer penalties, individual mandates, and the small business tax credit—are still widely available and are being used by numerous organizations to educate their members about meeting their obligations under the ACA.

As the Small Business Administration's chief economist within the Office of Advocacy and earlier as deputy director of the Research Center at Towers Watson, Dr. Mulvey gained extensive experience in the analysis of public policies affecting both large and small employers.

Earlier in her career, Dr. Mulvey directed the economic research departments of the College of American Pathologists and the American Council of Life Insurers. She also held senior positions at the Urban Institute and the American Association of Retired Persons (AARP). Dr. Mulvey received her Ph.D. in economics from George Mason University and her M.A. and B.A. in economics from the University of Maryland.

About the Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.