Affordable Care Act

Berman and Sons

Affordable Care Act

Beginning in 2019, you are no longer required to prove that you had health insurance for yourself and your dependents as the penalty has been removed. You may still receive forms 1095-B and/or 1095-C from your employer (health insurance provider) but you are not required to provide those to us.

GOVERNMENT EXCHANGE (MARKETPLACE)

As in the past, if you or anyone on your tax return had health insurance through the government exchange, you must obtain Form 1095-A and provide that to us with your tax records. If you entered the marketplace more than once during the year, you will receive multiple Forms 1095-A – we need them all. Depending on your actual total income for the year (from all sources), you may be required to repay some or all of any health insurance credits received.

GOVERNMENT EXCHANGE

The following elements of ACA are not changing:

Premium tax credit: Taxpayers falling within 100%-400% of the federal poverty level may be eligible for the credit.
Employer mandate: Employers with over 50 employees are required to provide employees with healthcare coverage or face a penalty.
Surtaxes on high-income taxpayers:

3.8% net investment income tax.
0.9% additional Medicare tax

BERMAN & SONS

Accountants & Consultants

Memberships & Affiliations: Independent Accountants Association of Illinois, Illinois CPA Society,
National Association of Enrolled Agents, Accreditation Council for Accountancy & Taxation.

Berman and Sons, Ltd.
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Accountants & Consultants
Admitted to Practice before the Internal Revenue Service
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Accredited Business Accountant
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Accredited Tax Advisor

Berman and Sons