Important Tax Developments

Posted on 10.14.13

Tax Developments - Richmond CPA Firm Affordable Care Act (ACA), tax treatment of same-sex spouses, new rules for deducting or capitalizing tangible property costs, and more.

The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood.

Developments concerning the Affordable Care Act (ACA). In the lead-up to the roll out of the health insurance exchanges on October 1, 2013, the IRS issued the following guidance on the ACA:

The IRS released Questions and Answers (Q&As) on the health insurance premium tax credit on its website.

This credit is designed to make health insurance affordable to individuals with modest incomes (i.e., between 100% and 400% of the federal poverty level, or FPL) who are not eligible for other qualifying coverage, such as Medicare, or “affordable” employer-sponsored health insurance plans that provide “minimum value.” To qualify for the credit, individuals must purchase insurance on a health exchange. Read more.

The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

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