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ARTICLE: In Last Minute Move, IRS Spares Small Employers Big Obamacare Penalties For 2014
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Acachallenges

2014 TAX FILING CHALLENGES CREATED BY THE AFFORDABLE CARE ACT

Cost Free
Presentation Length 1.0 hour

Recorded DateMarch 24, 2015
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Series: Taxes
Course Description

The Affordable Care Act is far from new; it was enacted in 2010, and blessed by the Supreme Court in 2012. Because of the staggered start dates of most of its key provisions however, each year brings new challenges tax advisors must address. Beginning January 1, 2014, three new insurance-based provisions created by the Affordable Care Act became effective: the penalty for failure to carry insurance (the Individual Insurance Mandate), a credit for acquiring insurance on an Exchange (the Premium Tax Credit), and a large penalty that may be assessed on an employer who reimburses employees for the cost of their individual health insurance premiums, a once-common practice that now demands revisiting. In this one-hour seminar, Tony Nitti will address these three issues in detail, alerting tax professionals on what to look for and what to expect during the 2014 tax filing season.

Learning Objectives

  • Learning how to compute the individual insurance mandate penalty.

  • Identifying potential client issues and preparer penalties associated with the individual insurance mandate.

  • Understanding the purpose behind the Premium Tax Credit, how to compute the credit, and how to reconcile the advance credit with the actual credit.

  • Understanding threats to the future of the Premium Tax Credit and pending Supreme Court legislation.

  • Identifying reimbursement arrangements that must be remedied to avoid large penalties.

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Testimonials
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Glynn, MS

"I have participated in several CPAcademy.org seminars and have been extremely pleased with their quality. This one, 2014 TAX FILING CHALLENGES CREATED BY THE AFFORDABLE CARE ACT, was certainly no exception to my experience so far. I think CPAcademy is missing out on some revenues by not charging a nominal registration fee, frankly. For example, I can get 8 hours of classroom, sometimes not so good, for around $240. That's $30 an hour, so I think CPAcademy could easily collect $15 from many registrants for a one hour course even if it wasn't all that good, but all of yours ARE good. Not that I want to be the only fellow paying $15 a pop, mind you."
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Donna, NJ

"This was one of the best speakers! I liked his presentation, it was clear and stated the objectives of what we were covering at the beginning. While we could have spent more time on this if it wasn't tax season; the one hour session was perfect for this time of year. Knowledge was on point and topic very timely...it has helped me already this tax season! Thanks"
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Cheri, FL

"This was, by far, the most effective presentation on the ACA that I have heard since this whole thing began. It did go pretty fast but I know there was not a lot of time to cover all the material. I really did enjoy what I heard and it is a start in being very helpful in dealing with the reporting requirements related to the ACA. Thank you."
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Jerome, MN

"This webinar provided some great assistance in applying ACA. I have participated in serveral other sessions and it always helpful to gain an another perspective. Now the former spokemen for ACA are voicing concerns about the penalties that will affect their constituents. Perhaps it will be delayed mid-season to add more complexity for us."
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Laura, NC

"This was a very good short synopsis of all of the potential pitfalls for tax reporting required for the ACA. I wish I would have watched in December, as our firm has spent a lot of time wrangling over the > 2% shareholder health care reimbursement issues and Mr. Nitti explained the issues very well in a short period of time."
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STUART, PA

"Anthony Nitti was excellent both in his knowledge of the subject and the delivery of this knowledge. He kept the subject very interesting without showing a bias for or against ACA itself. He also presented very clearly the problems, as an accountant, with the ACA. Great job. I hope he will speak on other subjects."
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Susan, TX

"I am very glad that I signed up for this webinar. I learned more than I thought I would and am so pleased that I signed up for two more. Even with the hectic tax season in progress the hour spent for these webinars is well worth the time. Tony did a great job. Very easy to listen to (I used my phone). Thank you!"
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Brenda, IN

"I really liked that it was only an hour. Not enough time to learn the topic in depth but enough to give a decent understanding. It was also great that the presenter gave his email address so you can send questions to him since there wasn't time in the presentation. I will definately listen to more webinars."
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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Tony is a tax partner based in our Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. He has over ten years of accounting and tax experience, including working in the tax departments of Arthur Andersen LLP and Price Waterhouse LLP. Tony’s practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is the author of over a dozen feature articles published in the Tax Adviser and Taxes magazine, as well as treatises on consolidated returns for CCH and qualified subchapter S subsidiaries for RIA Checkpoint. Through his writing on Forbes.com, Tony has become a respected voice in the tax community. His opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money, and the BNA Daily Tax Report. Tony is a regular on the CPE circuit, teaching classes ranging from “S corporation Distributions,” “Reverse Acquisitions,” and “Earnings and Profits” for CCH to the federal tax update for Accountants Education Services. Tony earned a bachelor’s degree in accounting from The College of New Jersey and a master’s in taxation from the University of Denver Graduate Tax Program. He is a member of the American Institute of Certified Public Accountants (AICPA) the New Jersey Society of Certified Public Accountants (NJSCPA), and the Colorado Society of Certified Public Accountants (COCPA). Tony resides in Eagle County, CO.

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