Tax Reform Law: Topics of Special Interest for Individuals

House with Paper Chain FamilyRepeal of the ACA Penalty for Individuals

The Affordable Care Act (ACA) requires individuals to pay a penalty if they aren’t covered by a health plan that provides at least minimum essential coverage. That penalty is also known as the “shared responsibility payment.” Unless an exception applies, the penalty is imposed for any month that an individual doesn’t have minimum essential coverage in effect.

The new tax law permanently repeals the ACA penalty for individuals for months beginning in 2019. But the penalty is still in force for all of 2018. The new tax law doesn’t change the ACA mandate for employers, however.  Continue reading here.

Brought to you by Brent Ross, CPA, Ross Hughes & Associates, CPAs, PLLC & SBRN Member

 

 

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