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ARTICLE: In Last Minute Move, IRS Spares Small Employers Big Obamacare Penalties For 2014
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Cost Free
Presentation Length 1.0 hour

Recorded DateMarch 24, 2015
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Series: Taxes
Course Description

The Affordable Care Act is far from new; it was enacted in 2010, and blessed by the Supreme Court in 2012. Because of the staggered start dates of most of its key provisions however, each year brings new challenges tax advisors must address. Beginning January 1, 2014, three new insurance-based provisions created by the Affordable Care Act became effective: the penalty for failure to carry insurance (the Individual Insurance Mandate), a credit for acquiring insurance on an Exchange (the Premium Tax Credit), and a large penalty that may be assessed on an employer who reimburses employees for the cost of their individual health insurance premiums, a once-common practice that now demands revisiting. In this one-hour seminar, Tony Nitti will address these three issues in detail, alerting tax professionals on what to look for and what to expect during the 2014 tax filing season.

Learning Objectives

  • Learning how to compute the individual insurance mandate penalty.

  • Identifying potential client issues and preparer penalties associated with the individual insurance mandate.

  • Understanding the purpose behind the Premium Tax Credit, how to compute the credit, and how to reconcile the advance credit with the actual credit.

  • Understanding threats to the future of the Premium Tax Credit and pending Supreme Court legislation.

  • Identifying reimbursement arrangements that must be remedied to avoid large penalties.

Not logged

Tony is a tax partner based in our Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. He has over ten years of accounting and tax experience, including working in the tax departments of Arthur Andersen LLP and Price Waterhouse LLP. Tony’s practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is the author of over a dozen feature articles published in the Tax Adviser and Taxes magazine, as well as treatises on consolidated returns for CCH and qualified subchapter S subsidiaries for RIA Checkpoint. Through his writing on, Tony has become a respected voice in the tax community. His opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money, and the BNA Daily Tax Report. Tony is a regular on the CPE circuit, teaching classes ranging from “S corporation Distributions,” “Reverse Acquisitions,” and “Earnings and Profits” for CCH to the federal tax update for Accountants Education Services. Tony earned a bachelor’s degree in accounting from The College of New Jersey and a master’s in taxation from the University of Denver Graduate Tax Program. He is a member of the American Institute of Certified Public Accountants (AICPA) the New Jersey Society of Certified Public Accountants (NJSCPA), and the Colorado Society of Certified Public Accountants (COCPA). Tony resides in Eagle County, CO.

About Our Presenter

A full-service accounting and consulting firm, WithumSmith+Brown (Withum) is well versed in the disciplines relevant to doing business in today's world. Since 1974, the Firm has continued to grow in breadth and depth of experience and expertise, providing an elite level of service and quality to private and publicly held companies. Serving some of the best companies across the Mid-Atlantic region and worldwide, WithumSmith+Brown offers a variety of services and specialized support to more than 13 major industry sectors. Withum employs a staff of approximately 800 with more than 550 professionals and almost 400 CPAs providing accounting, audit, tax and business consulting services. In addition, we now have 14 offices located across 6 states and Grand Cayman.