In March, 2010. President Obama signed the Affordable Care Act. One provision of the Act required that in 2014 all Americans must have qualified health insurance or face a “Shared Responsibility Payment,” more commonly known as the Health Care Penalty. A lesser known amendment to the Act allowed insurance providers and large employers a one-year delay in reporting the coverage in 2014 to both the IRS and to the Taxpayer because rules had not been established by the IRS to allow timely and correct reporting. This delay effectively rendered the Health Care penalty a voluntary oral reporting item for 2014 in many cases. In order to remind you of the rules and to protect us both from future IRS liability in the event of an audit, we require all individual taxpayers for 2014 to positively affirm the following items related to Health Care.
He is also a founding Board Member and Finance Director of the Fayette Pregnancy Resource Center and serves on the Board of the National Equal Rights Institute.
Latest posts by David Conley (see all)
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Our infographic explains 10 key elements of tax reform- November 9, 2018
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Here's what one family was forced to do.- September 25, 2018
- IRS Amnesty Program ends September 28!:
Non-reported foreign bank accounts will cost you dearly- September 24, 2018