In 2015, the Affordable Care Act (ACA) is in the process of being fully implemented. Both otherwise uninsured individuals and employers with 100 or more full-time or full-time equivalent employees must be on top of the complicated ACA rules as they apply in 2015 and beyond. All employers, whether large employers or not, should be alert to the IRS’s release of regulations under §105(h) which, when released, will apply anti-discrimination rules to all employers regardless of size. Of equal importance is the impact of Notice 2015-17 and how it impacts employer reimbursements of employees for premiums they pay for health insurance, including S corporation reimbursements of greater than 2% shareholders. This course will focus on the key issues and planning strategies that tax practitioners need to know in order to advise their clients regarding this far-reaching legislation.

Major Topics:

  • Penalties on individuals for failure to be covered with adequate health insurance
  • When a business is eligible for the small business health insurance credit
  • When the shared responsibility excise tax penalty applies to businesses in 2015 and 2016
  • Calculating and defining an employer's employees; how to calculate full-time and full-time equivalent employees
  • The availability of the premium credit  for individuals who do not have health insurance coverage through an employer
  • Penalties for failure to purchase health insurance coverage
  • Form W-2 information on health insurance costs required to be disclosed
  • IRS Notice 2015-17 and employer reimbursements

Learning Objectives:

  • Understand how the Affordable Care Act affects businesses and individuals
  • Recognize how and when Affordable Care Act-related penalties apply to individuals and businesses
  • Understand how Notice 2015-17 applies to employer reimbursements of employees who purchase health insurance

Designed For: Tax practitioners who need to understand the changes and implications of the ACA
Level of Knowledge: Update
Prerequisite: A working knowledge of tax law as it relates to health insurance
Advanced Preparation: None
Credits: 4