The ACA has introduced a number of terms that are either brand new or newly applied to healthcare, and many are especially important to know when filling out 2015 tax returns. Besides the “pay or play” employer mandate and penalty, there are many other mandates – and corresponding penalties – that must be attended to in order to avoid noncompliance. Understanding key terminology is an important piece of the puzzle.
Below are terms that are relevant to a broad range of mandates and penalties, beyond the employer mandate:
Any organization – regardless of ALE status – that provided healthcare to employees in 2015 must be prepared to demonstrate a strong understanding of the intricacies of the ACA. This means knowing all terminology and how penalties may affect returns.
For more ACA-related definitions, or to learn more about the
ACA mandates and possible penalties and exclusions, download
The Nonstop Guide to ACA Penalties for the 2015 Tax Year
The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose