Spotlight News at michbusiness.org

Eligible consumers have from March 15 through April 30 to enroll in coverage.

At issue is an IRS rule that authorizes financial subsidies to purchase health insurance offered through the federal marketplace.

In its second year of existence, another 68,366 Michigan residents signed up for health insurance through the federally run website set aside for those in the individual market, according to numbers released today by the U.S. Department of Health and Human Services.

This Notice provides limited relief for taxpayers who have a balance due on their 2014 income tax return as a result of reconciling advance payments of the premium tax credit against the premium tax credit allowed on the tax return.

Final instructions for these forms were also released.

The IRS issued Notice 2015-16 which is intended to initiate and inform the process of developing regulatory guidance regarding the excise tax on high cost employer-sponsored health coverage under § 4980I of the Internal Revenue Code (Code).

Affordable Care Act & Taxes - At a Glance

The Patient Protection and Affordable Care Act (“PPACA”) mandates that employers and their group health plans issue SBCs on an annual basis before reenrollment in a group health plan and upon initial eligibility.  The purpose of the SBC is to provide individuals with summary information about the employer sponsored group health plan in a format that is intended to be easy for individuals to understand while allowing individuals to compare health plan options and better understand their scope of coverage. 

In Michigan, 299,750 people signed up for coverage through the Health Insurance Marketplace

The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan. To allow employers more time to update their payroll systems, Notice 2010-69, issued in fall 2010, made this requirement optional for all employers in 2011. IRS Notice 2011-28 provided further relief by making this requirement optional for certain smaller employers for 2012 Forms W-2 (meaning the Forms W-2 for calendar year 2012 generally furnished to employees in 2013). Notice 2012-9, issued in January 2012, restates and clarifies guidance in Notice 2011-28. It provides guidance for employers that are subject to this requirement for the 2012 Forms W-2 and those that choose to voluntarily comply with it for either 2011 or 2012.