Tax refunds may get hit due to health law credits

Get ready - here it comes!  Now that we're approaching the end of the year it's time to consider whether or not those of you who are benefitting from Advanced Tax Credits to pay for their health insurance underestimated their 2014 income.  If so, you may be subject to claw-backs at tax time.

This consideration also must be taken into account before the upcoming enrollment period, which is from 11/14/2014 through 2/15/2015.    During this next enrollment, you'll have to "estimate" your 2015 income.  If you've miscalculated for 2014, you'll want to be sure you don't build on that mistake.

Read the AP Article here . . . .

IRS and Department of the Treasury Release Guidance Related to Healthcare & Insurance

This week, the IRS and Department of Treasury released frequently asked questions to assist agents, brokers, and employers on provisions of the Affordable Care Act. The link below provides additional guidance on employer shared responsibility, seasonal worker coverage, minimum value, and small business healthcare tax credits. The new FAQs can be accessed, along with existing FAQs, from the IRS Q&A index page at the link below. The new questions are accessible in the employer shared responsibility, small business tax credit, and employer health care plans sections. http://www.irs.gov/uac/Newsroom/Affordable-Care-Act-Tax-Provisions-Questions-and-Answers If you'd like information regarding the Premium Tax Credits for Individuals and Families see the following link: http://www.irs.gov/uac/Newsroom/Questions-and-Answers-on-the-Premium-Tax-Credit   Centers for Medicare & Medicaid Services (CMS) has sent this Y1 AB MLN Curriculum Update. To contact Centers for Medicare & Medicaid Services (CMS) go to our contact us page.