by Jim Magary | Jul 29, 2015 | Tax Help
Employers Providing Self-Insured Health Coverage Must Report on Information Returns
This Fresh Start Tax LLC tax tip is updated to clarify that self-insured employers that are not applicable large employers, those with fewer than 50 full-time or full-time equivalent employees in the preceding calendar year, should file Form 1095-B.
Self-insured employers that are applicable large employers should report health coverage information on Form 1095-C.
This tip does not apply to information reporting on health care coverage of individuals who are not employees or entitled to coverage because of a relationship to an employee.
All providers of health coverage, including employers that provide self-insured coverage, must file annual returns with the IRS reporting information about the coverage and about each covered individual. Insurance Companies must report on coverage under employer plans that are insured.
Employers should report this information on Forms 1094-B and 1095-B or on Forms 1094-C and 1095-C, depending on whether the employer is an applicable large employer for purposes of the employer shared responsibility provisions.
An applicable large employer is generally defined as an employer that employed an average of at least 50 full-time employees – including full-time equivalent employees – in the preceding calendar year. `
As coverage providers, employers providing self-insured coverage that are not applicable large employers must:
• Report the coverage on a Form 1095-B, Health Coverage, filed with the IRS, accompanied by a Form 1094-B transmittal. While filers of more than 250 Forms 1095-B must e-file, the IRS allows and encourages entities with fewer than 250 forms to e-file.
• Furnish a copy of the 1095-B to a “responsible individual,” the person who should be the statement recipient. For employer coverage the statement recipient generally is the employee.
Providers, including self-insured employers, may electronically furnish the Form 1095-B if the recipient consents.
If an employer providing self-insured coverage is an applicable large employer, it generally reports information regarding coverage of an individual on Form 1095-C instead of Form 1095-B.
Form 1095-C combines reporting for two provisions of the Affordable Care Act for these employers.
However, when reporting coverage of an individual who was not a full-time employee for any month of the year, an applicable large employer may choose to use Form 1095-B.
The information reporting requirements are first effective for coverage provided in 2015. Thus, health coverage providers will file information returns with the IRS in 2016, and will furnish statements to individuals in 2016, to report coverage information in calendar year 2015.
The information that a provider must report to the IRS includes the following:
• The name, address, and employer identification number of the provider.
• The statement recipient’s name, address, and taxpayer identification number, or date of birth if a TIN is not available.
If the statement recipient is not enrolled in the coverage, providers may, but are not required to, report the TIN.
• The name and TIN, or date of birth if a TIN is not available, of each individual covered under the policy or program and the months for which the individual was enrolled in coverage and entitled to receive benefits.
by Jim Magary | Jul 29, 2015 | Tax Help
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When You Owe Back Taxes _ Your Current Financial Condition Determines How IRS Closes your Case
If you owe any IRS or State back taxes of any kind we can work out different tax solutions depending on your current financial condition.
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Keep in mind your financial statement will have to be verified by the Internal Revenue Service before they will render any determination on your case.
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As a side note:
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by Jim Magary | Jul 29, 2015 | Tax Help
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As a former IRS agent I would let all individuals who are trying to settle their debt on the own to understand that this is a long process. Right now there are 7500 cases in the IRS Q.
It is important to know you will that all back tax returns will have to be filed, up-to-date and current on the IRS computer system before the Internal Revenue Service will accept an offer in compromise.
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Right now the current wait time of an offer in compromise is nine months.
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The best thing that you can do was walk through the pre-qualifier tool to make sure you’re a qualified candidate or call our office today and we will walk you through the process.
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by Jim Magary | Jul 24, 2015 | Tax Help
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by Jim Magary | Jul 24, 2015 | Tax Help
• Estimated Tax. If you earn income that is not subject to withholding you may need to pay estimated tax.
This may include income such as self-employment, interest, dividends or rent. If you expect to owe a thousand dollars or more in tax, and meet other conditions, you may need to pay this tax.
You normally pay it four times a year. Use the worksheet in Form 1040-ES, Estimated Tax for Individuals, to figure the tax.
• Life Events. Check to see if you need to change your Form W-4 or change the amount of estimated tax you pay when certain life events take place.
A change in your marital status, the birth of a child or buying a new home can change the amount of taxes you owe. In most cases, you can submit a new Form W–4 to your employer anytime.
• Changes in Circumstances. If you are receiving advance payments of the premium tax credit, it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace.
You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan.
Advance payments of the premium tax credit help you pay for the insurance you buy through the Health Insurance Marketplace.
Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.
by Jim Magary | Jul 24, 2015 | Tax Help
New Job and the IRS
When you start a new job, you must fill out a Form W-4, Employee’s Withholding Allowance Certificate and give it to your employer.
Your employer will use the form to figure the amount of federal income tax to withhold from your pay.
Use the IRS Withholding Calculator on IRS.gov to help you fill out the form.
This tool is easy to use and it’s available 24/7.
