At Home in Berks April 2017 - 31

Current
NEWS
&
Reporting Health Coverage events

Status on 2016 Returns
Within days of his inauguration, President Trump began signing
multiple executive orders (EO). One that will affect many, if not
all of us, was the EO directing agencies to minimize the impact
of the Affordable Care Act (ACA). The IRS, in complying with this
order, announced that it will accept tax returns that are missing
required health coverage information.

Background
As of 2014, taxpayers (with certain limited exemptions) are
subject to a "shared responsibility" penalty for any months
during which they or their spouse or dependents lack "minimum
essential coverage." Because this tax penalty has the effect of
"requiring" individuals to have health coverage in order to avoid
a penalty, this ACA provision is referred to as the "individual
mandate."
Liability for the shared responsibility penalty is reported annually
on an individual's federal income tax return (on line 61 of the
Form 1040, line 11 of Form 1040EZ). The IRS previously had in
place an "edit" that would have flagged and rejected a tax return
missing that information.

to obtain a refund. Likewise, for those who reported not having
the required coverage, but did not pay the penalty, whether a
penalty will be assessed also depends on whether the individual
mandate is repealed and if the repeal is retroactive.

Conclusion
The IRS recently announced that it would not reject an individual's tax return for not stating whether the individual did or did not
have health care coverage. The announcement is only applicable to individual returns. Thus, there is no relief for large employers who are required to provide a Form 1095-C to employees. It
is anticipated that the IRS will provide additional guidance on
this issue.

FOR LEASE

25 Stevens Ave., West Lawn

Overview of IRS Announcement
With the IRS announcement of the softening of the individual
reporting of health care coverage, there needs to be an understanding, not so much as what it means, but specifically what it
does not mean. The announcement does not mean that the individual mandate will not be enforced; it just means, an individual's
tax filing will not be rejected. This is currently not a repeal of the
individual mandate.

Available

Also, the announcement does not mean a large employer,
- 867 SF - $10/SF/Year
responsible for the ACA reporting by issuing Form 1095-C, is
- 706 SF - $10/SF/Year
from its obligations. The IRS information only applies
A - 557 SFreleased
- $10/SF/Year
to individualear
tax returns. Also, uncertainty remains for those
who have already filed individual returns and who either paid
penalties for failing to have health care coverage or who filed
without providing health insurance information. If the individual
mandate is repealed in the future, and that repeal is retroactive,
then the IRS would need to address whether any overpayments
reduce future tax liabilities or an amended return will be required

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kwrobel@remax.net
www.KentWrobel.com

610-670-2770

April 2017 AT HOME IN BERKs

31


http://www.KentWrobel.com

Table of Contents for the Digital Edition of At Home in Berks April 2017

At Home in Berks April 2017 - 1
At Home in Berks April 2017 - 2
At Home in Berks April 2017 - 3
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At Home in Berks April 2017 - 5
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