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Check-up on health insurance

by on
in Small Business Tax

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:

  1. a basic penalty of $95 a person ($47.50 for those under age 18), with a $285 family ceiling or
  2. 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.

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