According to the American Institute of CPA’s, taxpayers will find new reporting requirements when they file their 2014 returns. As a result of the Affordable Care Act, otherwise known as Obama Care, taxpayers will have to collect new records and learn to use new forms and instructions. In some cases, your tax refund may be affected.
Are you a small employer with fewer than 25 full-time equivalent employees? Do you pay an average wage of less than $50,000 a year, and pay at least half of employee health insurance premiums? If so, there is a tax credit available for 2015 that may put money in your pocket.
Thanks to Obama Care, health care and taxes have a new relationship this year. As a result of the Affordable Care Act, for the first time in history, tax forms require everyone to report their health insurance status.