February 04, 2015
Michael D'Addio, Tax & Business Services Principal, Quoted in Long Island Business News Article, "The ACA Meets the IRS."
By Kristen D'Andrea
This year, for the first time, the health insurance taxpayers carry may directly affect the size of the tax refund they receive from the Internal Revenue Service.
Confused? You're not alone.
The Affordable Care Act has generated several changes to the U.S. tax code, creating tax implications for individuals and businesses. In addition to the tax penalty that individuals can incur if they were without minimum essential coverage during 2014, taxpayers who purchased health insurance from the Health Insurance Marketplace, or the Exchange, and received an Advanced Premium Tax credit will be surprised to learn they may owe the government money to repay that advance.
"No one is focused in very much on this whole issue," said Michael D'Addio, principal of tax and business services at Marcum in Melville. "During the year, we received some calls from employers, but not so much from individuals. People haven't really focused on the impact of this law on their tax returns. As people file this year, it will bring it into focus."
Click here to read the full article on www.libn.com >>