Target Audience: CPAs, EAs, Annual Filing Season Program Participants
Field of Study: Taxation (NASBA); Federal Tax/Tax Related Matters (IRS)
Seminar Level: Beginner
IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (afsp) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. however, this website does not offer the AFSP annual federal tax refresher (AFTR) course.
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG
DISCLAIMER: THIS SEMINAR WAS FILMED IN New Orleans, LOUISIANA, ON JULY 27, 2016, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The IRS Wage and Investment Division presented this seminar at the 2016 IRS Nationwide Tax Forum.
This session provides information about two Affordable Care Act provisions affecting individual taxpayers the individual shared responsibility provision and the premium tax credit. The presentation will discuss reporting health care coverage, claiming coverage exemptions and paying the individual shared responsibility payment under Individual Shared Responsibility Provision. In addition, it will cover claiming the premium tax credit (PTC) and the requirement for taxpayers to reconcile advance payments of the PTC when they file. The session will also include information about the health care information reporting Forms 1095 A, B and C.
By the end of this presentation, you will be able to:
• Recognize Minimum Essential Coverage
• Determine which form is required in order to file a tax
• Identify how to report Health Coverage Exemptions
• Calculate the Individual Shared Responsibility Payment
• Recognize Premium Tax Credit common Errors
No prerequisites or advanced preparation are required for this seminar.