Who qualifies Ppaca?
You are a US citizen or legal resident. You are not currently incarcerated. Your income is no more than 400% of the federal poverty level.
What is the federal Affordable Care Act?
The comprehensive health care reform law enacted in March 2010 (sometimes known as ACA, PPACA, or “Obamacare”). The law provides consumers with subsidies (“premium tax credits”) that lower costs for households with incomes between 100% and 400% of the federal poverty level (FPL).
What are the requirements for the Affordable Care Act?
To be eligible to enroll in health coverage through the Marketplace, you:
- Must live in the United States.
- Must be a U.S. citizen or national (or be lawfully present). Learn about eligible immigration statuses.
- Can’t be incarcerated.
Who pays ACA tax?
The tax applies to employers with 50 or more full-time equivalent employees. Employer mandate receipts were $8 billion in fiscal year 2019. Excise taxes on health insurance providers, pharmaceutical manufacturers and importers, and medical device manufacturers and importers.
What are the tax provisions of the Affordable Care Act?
The Affordable Care Act (ACA) tax provisions include tax changes, benefits, and responsibilities affecting individuals, families, organizations and employers.
How to file an ACA information return electronically?
For information on the communication procedures, transmission formats, business rules and validation procedures for returns transmitted electronically through the ACA Information Reports (AIR) system, ALEs should review Publication 5165 PDF, Guide for Electronically Filing Affordable Care Act (ACA) Information Returns.
Are there penalties for reporting incorrect information to IRC?
Notice 2018-94 PDF, also extends transition relief from certain penalties (IRC Sections 6721 and 6722) to providers and employers that can show that they have made good-faith efforts to comply with the information-reporting requirements for 2018 for incorrect or incomplete information reported on the return or statement.
How does the ACA apply to expatriate health plans?
More specifically, the EHCCA provides that the requirements of the ACA do not apply to expatriate health plans, expatriate health insurance issuers for coverage under expatriate health plans, and employers in their capacity as plan sponsors of expatriate health plans, except that: