FCCI Insights | IRS (5)

You’ve Received a 12C Letter: Now What?

The 2015 tax year brought much added paperwork in the way of forms and letters for the everyday taxpayer. For most, this is the first year that they’re receiving some of these documents, and the information contained within them may be confusing. If you’ve received a letter from the IRS marked as..

You’ve Received a 12C Letter: Now What?

Understanding The Premium Tax Credit

Understanding The Premium Tax Credit

If you or anyone in your family enrolled in an Affordable Care Act health insurance plan through the federal Healthcare.gov health insurance..

Tools for Estimating ACA Credits and Fees

Tools for Estimating ACA Credits and Fees

The IRS has developed tools for individuals and employers to estimate their credits and payments related to the Affordable Care Act .

The tools,..

Reporting Deadlines Extended

Reporting Deadlines Extended

The IRS has extended by almost two months the due date for providing employees with Affordable Care Act information forms, and provided an extra..

About The New ACA Information Statements

About The New ACA Information Statements

Recognizing that many individuals will receive new ACA information statements for the first time in 2016, the IRS issued a memo aimed at helping..

Guidance on the Health Coverage Tax Credit

Guidance on the Health Coverage Tax Credit

The IRS has issued Notice 2016-02 to provide information regarding the health coverage tax credit, or HCTC. The 14-page notice explains who can..

“Pay or Play” Penalties For 2015 and 2016

“Pay or Play” Penalties For 2015 and 2016

The IRS has announced the 2015 and 2016 “pay or play” penalties, adjusted for inflation, that may be imposed on employers who fail to comply with..

ACA Assurance Testing System Opens Soon

ACA Assurance Testing System Opens Soon

Tax Year 2015 ACA Assurance Testing System (AATS) will open for testing in early November for Information Returns that will be processed in 2016,..

Coverage Offer Can Affect Shared Responsibility Payment

Coverage Offer Can Affect Shared Responsibility Payment

Under the Affordable Care Act, applicable large employers are subject to the employer shared responsibility provisions. They must either offer..

IRS Releases Final Reporting Forms

IRS Releases Final Reporting Forms

As get ready to file 2015 reports required by the Act, the Internal Revenue has released the final for submitting these reports, along with..