Healthcare Archives - BeachFleischman CPAs

Finding the right tax-advantaged account to fund your health care expenses

June 21, 2016 June 20, 2016 Tax Department Healthcare flexible spending account, FSA, health care costs, health savings account, Healthcare Reimbursement Account, HRA, HSA, medical expenses, tax-advantaged account

With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview: HSA. If[…]

How many employees does your business have for ACA purposes?

May 25, 2016 Tax Department Healthcare ACA, Affordable Care Act, ALE, applicable large employer

It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated. The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year doesn’t[…]

IRS Extends ACA Filing Deadlines

December 29, 2015 December 30, 2015 Tax Department Healthcare, Tax Bites ACA, Affordable Care Act, deadlines, tax

The IRS issued Notice 2016-4 on 12/28/15 to extend the due date for furnishing the 1095 and 1094 Forms. The due date for furnishing the 1095 information to employees moves from February 1, 2016 to March 31, 2016. The due date for furnishing the 1094 information to the IRS has also been extended. Notice 2016-4 extends[…]

Gearing up for the ACA’s information reporting requirements

October 8, 2015 October 7, 2015 Tax Department Healthcare ACA, Affordable Care Act, ALE, Form 1094-C, Form 1095-C, healthcare

Starting in 2016, applicable large employers (ALEs) under the Affordable Care Act (ACA) will have to file Forms 1094-C and 1095-C to provide information to the IRS and plan participants regarding their health care benefits for the previous year. Both the forms and their instructions are now available for ALEs to study and begin preparations[…]

Should you “bunch” medical expenses into 2015?

October 6, 2015 Tax Department Healthcare bunch medical expenses, deductible expenses, flexible spending account, health savings account, tax

Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but generally only to the extent that they exceed 10% of your adjusted gross income. Taxpayers age 65 and older can enjoy a 7.5% floor through 2016. The[…]

Large Employers: Time to start planning for ACA information reporting

July 2, 2015 Tax Department Healthcare ACA, Affordable Care Act, Affordable Care Act Compliance, Affordable Care Act Reporting, Form 1094, Form 1095

With the U.S. Supreme Court’s June 25 decision upholding the Affordable Care Act (ACA) yet again, employers subject to the act’s information reporting provision can no longer afford to put off planning in the hope that the requirements might go away. Beginning in 2016, “large” employers as defined by the act (generally employers with 50[…]

Employer Mandate Delayed

July 9, 2013 July 26, 2013 Tax Department Healthcare Affordable Care Act

The bombshell July 2 announcement came in the form of a blog post on the U.S. Treasury Department’s website, accompanied by a statement issued from the White House. The employer “shared responsibility” provision is being delayed one year, until 2015. The move was described, essentially, as a consequence of the IRS’ failure to provide employers and[…]