The federal government postponed for one year the requirement under the Patient Protection and Affordable Care Act (PPACA) for businesses with 50 or more full-time employees to provide health insurance coverage to workers (the so-called employer mandate). However, thus far, the individual health insurance mandate for individuals remains in effect for 2014. If you don’t have minimum essential coverage, you could be hit with a tax penalty.
The PPACA penalty for 2014 is generally the higher of:
- a basic penalty of $95 a person ($47.50 for those under age 18), with a $285 family ceiling or
- 1% of the excess of household AGI over the minimum AGI level for filing a tax return.
Enforcement by the IRS could turn out to be problematic.
- Small Business Tax Deduction Strategies No matches