Yesterday, the House of Representatives passed the American Health Care Act (AHCA) in a narrow vote of 217 to 213 after the bill had been amended from its previous version proposed a few weeks earlier. The AHCA is new proposed legislation that will repeal and replace parts of the Affordable Care Act (ACA) which is currently the law of the land. While this is only the first step of the new legislation, here are a few of the highlights of the bill.
There have been a lot of questions lately surrounding the 1095 reporting requirements for the 2016 reporting period. Read more to review some bullet points from frequently asked questions.
As employers move into their second year of reporting under the Affordable Care Act (ACA), the IRS has extended penalty relief and the due dates for ACA information reporting. Employers with 50 or more full-time employees will now have until March 2, 2017 (instead of Jan. 31, 2017) to issue their 2016 Form 1095-B or 1095-C to their employees and covered individuals. This extension does NOT apply to the employer reporting to the IRS with Form 1094 transmittal, which will remain at February 28 (March 31 if filing electronically).
The IRS has reported that there have been many recent claims of fake CP2000 notices being sent to taxpayers indicating an amount due related to the Affordable Care Act. A CP2000 notice is normally sent to taxpayers when the income on their tax return does not match what has been reported by the third-party (such as an employer). In many cases, these fraudulent notices are being sent as an attachment to an email message.
After a long primary season, it appears that the American people will have a choice between Hillary Clinton, the likely Democratic nominee, and Donald Trump, the likely Republican nominee. Despite the relative uniqueness of each candidate, there’s an old proverb that says the only thing we learn from new elections is that we learned nothing from the last one. In the summer of 2016, we once again face an election where the winner may dictate the future of health care in this country. It is important to understand each candidate’s stance on health care.