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- Title
Small-Business and Self-Employed Medical Plan Issues: Recent IRS Guidance.
- Authors
Biggart, Timothy B.; Harden, J. William
- Abstract
Recent IRS guidance prohibits funding individual health insurance policies through a tax-preferred health reimbursement arrangement and the Patient Protection and Affordable Care Act contains provisions prohibiting discrimination in small employer group plans. There is currently transition relief in place with regard to these rules, but taxpayers need to ensure they are moving into compliance with them. Also, beginning with the returns that will be filed in 2015 for the 2014 tax year, the calculation of the self-employed health insurance deduction is more complex for those self-employed taxpayers who obtain insurance from an exchange and are eligible for the premium tax credit as well as the for-adjusted-gross-income self-employed health insurance deduction. This article clarifies the effect of these items.
- Subjects
UNITED States; HEALTH reimbursement accounts; EMPLOYER-sponsored health insurance; UNITED States. Internal Revenue Service; PATIENT Protection &; Affordable Care Act; TAX credits; TAX returns
- Publication
Journal of Financial Service Professionals, 2015, Vol 69, Issue 4, p62
- ISSN
1537-1816
- Publication type
Article