Obamacare

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What Responsibilities Do Tax Preparers Have in Assessing ACA Penalties?

By | September 9th, 2014|Categories: Potpourri of Tax Topics|Tags: , , , |

Robert Flach at his "The Tax Professional" blog asks the following question regarding Affordable Care Act penalties assessed on tax returns against people who do not carry health insurance: What is our legal responsibility as tax preparers when it comes to calculating the new convoluted and potentially expensive Obamacare penalty for clients who are not covered [...]

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The Affordable Care Act and Small Businesses

By | February 11th, 2014|Categories: Small Businesses Taxes|Tags: , , , , , |

(NOTE: This is a very, very, very basic overview of the Affordable Care Act as it relates to small businesses. I will be going into more detail in other blog posts in the months to come.) My small business clients are, universally, afraid of the Affordable Care Act. So am I. I learn new things about [...]

Patient-Centered Outcomes Trust Fund Fee – An Exercise in Bureaucratic Futility

By | July 19th, 2013|Categories: Potpourri of Tax Topics, Small Businesses Taxes|Tags: , , |

Total time spent on complying with the Patient-Centered Outcomes Trust Fund Fee: at least 32 minutes, all to pay a $3 fee.

Is the Patient-Centered Outcomes Trust Fund Fee Deductible as a Business Expense?

By | July 16th, 2013|Categories: Small Businesses Taxes|Tags: , |

This is a brief follow-up to my post yesterday about the Patient-Centered Outcomes Trust Fund Fee. Is the fee deductible as a business expense? The fee is technically considered to be an excise tax, because it is reported on a Form 720 (Quarterly Federal Excise Tax Return). Excise taxes are often not deductible as business expenses. See, [...]

Have an HRA? Make Sure to Pay Your “Patient-Centered Outcomes Trust Fund Fee”

By | July 15th, 2013|Categories: Potpourri of Tax Topics, Small Businesses Taxes|Tags: , , , |

If your small business has an Health Reimbursement Arrangement (HRA), you probably owe a $1/employee fee because of the Affordable Care Act.