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Critical 1040 Reporting Issues Related to the Affordable Care Act -- Penalties and Premium Tax Credits (ACT2)

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Live Webinar SELECT STARTING AT $89 (5 dates)

Credits: 2

Qualifies For: IRS CPE CTEC

Instructor(s): Mike Tucker, Ph.D., LL.M., J.D., CPA, Karen Davis, EA, MBA, Ph.D.

$89

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Self-Study SELECT STARTING AT $49 (On Demand)

On-Demand Webcast

Credits: 2

Qualifies For: IRS CPE CTEC

$49
  • Nice job on this evolving complex tax law!

    - John R

  • Mike Tucker and Bob Lickwar are always very informative and knowledge

    - Surgent customer

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.

Critical 1040 Reporting Issues Related to the Affordable Care Act -- Penalties and Premium Tax Credits (ACT2)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Update
  • Credits
    2
  • Qualifies for

    IRS CPE CTEC

Overview

All individual income tax return preparers need to be thoroughly familiar with Affordable Care Act compliance issues as it relates to individual taxpayers. Preparers should be able to knowledgeably prepare Form 8962, which deals with anyone eligible for a premium tax credit or who received a premium tax credit, whether eligible for it or not. Preparers should also be familiar with any applicable exemptions to the individual penalty that could apply and Form 9065, where application for an exemption is made. The program includes a case study with a line-by-line analysis of the relevant forms. Includes discussion of the practical implications of the IRS’s determine to part with prior policy and enforce the Affordable Care Act to the letter.

Major Topics:

  • Determining the amount of the individual’s shared responsibility penalty
  • Statutory exemptions from mandated health insurance coverage
  • Obtaining and calculating the amount of the premium tax credit
  • Reconciling the amount of the individual’s premium tax credit awarded with the amount to which the individual is entitled
  • Ins and outs of Form 8962, Premium Tax Credit
  • Form 8965, Health Coverage Exemptions
  • Complete case study with filled-in forms
  • Navigating ACA compliance in the face of potential repeal

Learning Objectives

  • Prepare and process the tax forms relating to the premium tax and the individual shared responsibility penalty

Designed for:

All Form 1040 tax return preparers

Prerequisite:

Knowledge of basic individual income tax

Advanced Preparation:

None

  • Nice job on this evolving complex tax law!

    - John R

  • Mike Tucker and Bob Lickwar are always very informative and knowledge

    - Surgent customer

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.
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