Certified Public Accountants

Tax Alert on Reporting Individual Health Care Coverage

New IRS Publication on Health Care and 2014 Taxes

New IRS Publication on Reporting Individual Health Care Coverage:  Tax year 2014 is the first year individuals will be required to report whether they satisfied the Individual Shared Responsibility (ISR) provisions of the Affordable Care Act (ACA). The IRS issued a new publication on how individuals are to report their health care coverage on their tax returns. Publication 5187 (Health Care Law: What’s New for Individuals and Families), covers some of the tax provisions of the ACA and explains how taxpayers satisfy the ISR provision by enrolling in minimum essential coverage. Additionally, the publication explains how individuals qualify for an exemption or how they are to make a shared responsibility payment, as well as information about the new premium tax credit. Publication 5187 is available at www. http://www.irs.gov/pub/irs-pdf/p5187.pdf .

IRS Rulings and Other Guidance:  As it does the first of every calendar year, the IRS updated its procedures for issuing letter rulings, determination letters, and other taxpayer or IRS-requested guidance, and the areas where it will not issue specific guidance. Rev. Procs. 2015-1 and 2015-2 address taxpayer-requested guidance and technical advice for most taxpayers/issues, while Rev. Procs. 2015-4 and 2015-5 address the issuance of guidance to tax-exempt organizations and employee plans. Rev. Procs. 2015-3 and 2015-7 update the list of domestic and international tax issues where the IRS will not release letter rulings or determination letters, and Rev. Proc. 2015-6 explains when the IRS will issue determination letters on the qualified status of employee plans. Finally, Rev. Proc. 2015-8 updates the list of IRS-imposed user fees. All of the cited revenue procedures can be found in 2015-1 IRB.

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