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Checklist Helps Tax Professionals Keep Track of Healthcare Law Reporting Requirements
The 1040 Checklist for Determining Minimum Essential Health Insurance Coverage was developed by the tax experts at Thomson Reuters and focuses on two new reporting requirements that will figure prominently on many 2014 Form 1040 returns: The premium tax c
Jan. 29, 2015
A new checklist helps tax professionals keep track of the new tax law changes and requirements that involve the Affordable Care Act.
The 1040 Checklist for Determining Minimum Essential Health Insurance Coverage was developed by the tax experts at Thomson Reuters and focuses on two new reporting requirements that will figure prominently on many 2014 Form 1040 returns: The premium tax credit and the individual shared responsibility penalty.
“These new requirements present new challenges for tax practitioners, as they must determine whether clients have qualifying health insurance or are eligible for an exemption from the mandate, calculate any penalties, and determine eligibility for the premium tax credit,” says Blake Smith, senior director of product development with the Tax & Accounting business of Thomson Reuters.
This free checklist guides practitioners through the questions to ask clients to determine if they had the required health insurance coverage during 2014 to avoid the individual shared responsibility penalty, or if they qualified for an exemption.
The checklist is available for download at no cost at tax.thomsonreuters.com/ACA-Checklist.
Thomson Reuters Checkpoint offers many resources to help tax practitioners navigate the complex rules and requirements related to health care reform, including the following:
- PPC’s 1040 Deskbook — answers for solving real-life tax return preparation issues, addressing new 2014 health care reporting issues on Form 1040 in addition to all other 1040 compliance issues.
- PPC’s Guide to Health Care Reform — detailed coverage of health care reform, with special focus on tax issues affecting individuals and businesses.
- Checkpoint Learning Online Courses and Webinars — training and continuing education online courses and webinars, including Health Care Reform – The Individual Mandate and Obamacare – The Individual Mandate.
- Health Care Reform Monthly — monthly email newsletter that helps firms communicate the legislation’s provisions as they roll out, share recently released guidance, review the impact on employers and provide strategies for ACA compliance while controlling costs, minimizing tax, and achieving business goals.