ACA Updates – Advance Payments of Premium Tax Credit, Aggregated Companies, Webinars

Posted on August 24, 2015 · Posted in Industry News, Latest Updates

8/24/15 – Failing to File 2014 Tax Returns Affects Advance Payments of Premium Tax Credit in 2016

The IRS requests practitioners to remind clients who received advance payments of the premium tax credit in 2014 to file their 2014 tax return as soon as possible this summer, even if they have an extension, to protect their eligibility for advance payments from their Marketplace in 2016. Depending on the situation, the IRS is currently sending Letter 5591, Letter 5591A or Letter 5596 to taxpayers who received 2014 advance payments, but have not yet filed their tax return.

The letters remind taxpayers of the importance of filing their 2014 federal tax return along with Form 8962, Premium Tax Credit, as soon as possible. For more information, see Understanding your Letter 5591, Understanding your Letter 5591A, Understanding your Letter 5596 and the ACA What’s Trending web page. For additional resources, visit the ACA Information Center for Tax Professionals.

Aggregated Companies

The Affordable Care Act (ACA) applies an approach to common ownership that also applies for other tax and employee benefit purposes. This longstanding rule generally treats companies that have a common owner or similar relationship as a single employer. These are aggregated companies. The law combines these companies to determine whether they employ at least 50 full-time employees including full-time equivalents. If the combined employee total meets the threshold, then each separate company is an applicable large employer. Each company, even those that do not individually meet the threshold, is subject to the employer shared responsibility provisions. Click here for more information.

ACA Employer Provisions and Requirements Webinars

The IRS is offering a series of educational webinars to help those who work with businesses, employers and payroll to understand the ACA’s employer provisions and requirements.

  • Employer Shared Responsibility and Information Reporting
    Sept. 16, 10:30 a.m.  – 12:00 p.m. PT – Register
  • Employer-Sponsored Health Coverage Information Reporting Requirements for Applicable Large Employers
    Sept. 10, 8:00 a.m. – 9:00 a.m. PT –  Register
  • Information Reporting Requirements for Providers of Minimal Essential Coverage
    Sept. 22, 10:00 a.m. – 11:00 a.m. PT  –  Register