With the New Year upon us and tax season kicking into full gear, there have been lots of questions as to how the Affordable Care Act (ACA) will affect your 2014 tax filings.

On the business side of things, the majority of the new reporting deadlines have been delayed until the 2015 tax year. This means most of the new business reporting forms will not need to be filed until 2016.

On the personal side, however, there may be some new forms and reporting that may need to be completed with your 2014 Form 1040 filing.  

Most taxpayers will simply need to check a box indicating they had health insurance coverage through their employer, a government sponsored plan (such as Medicaid or Medicare), or from other qualifying health insurance.     

Those individuals who purchased their health insurance through the Marketplace exchange will have a few more steps to go through. Below is a summary of some of those new changes that will affect your 2014 individual tax filing.

• Taxpayers should receive in the mail Form 1095-A (Health Insurance Marketplace Statement) from the Marketplace by January 31, 2015. This will include the details needed to complete the premium tax credit and prepare the reconciliation if they received any health insurance subsidy that helped reduce their monthly premiums during 2014.
• Taxpayers will need to complete Form 8962 (Premium Tax Credit) with their 2014 Form 1040 filing using the information on Form 1095-A and their personal return.
• Taxpayers will then reconcile their calculated premium tax credit Form 8962 with the insurance subsidy received in 2014 and the difference may either be refunded or added to your 2014 taxes.

Does this mean I may owe taxes if I received too much in subsidies?
Unfortunately, YES! You may have to repay some of the subsidy money if your calculated premium tax credit is less than the amounts you received in 2014. Those taxpayers with modified adjusted gross incomes over 400% of the Federal poverty level ($45,960 for an individual or $94,200 for a family of four) will have to repay the entire amount of any insurance subsidies received in 2014. While the IRS is not permitted to pursue collection action using levied or liens for this subsidy amount, they can withhold the amounts owed (plus interest) to the IRS from future refunds for up to 10 years in the future.

What if I did not have health insurance coverage in 2014?
You will need to complete Form 8965 to determine if you may be eligible for an exemption from the individual shared responsibility penalty and, in the alternative; this form will also be used to calculate the taxpayer's amount of the "Health Care Individual Responsibility Tax" to be reported on Line 61 of the 2014 Form 1040.  

How much is the Health Care Individual Responsibility Tax?
For the tax year 2014, the individual shared responsibility payment is the greater of:

1. One percent of the taxpayer's household income in excess of their filing threshold; or
2. A flat rate of $95 per adult member 18 and older and $47.50 for each dependent under age 18, capped at $285 per family for 2014.

For more information on the Affordable Care Act, please contact your professional at UHY LLP in Detroit 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040, or visit us on the web at www.uhy-us.com. 

2/19 Eighth Annual D.M.G.C Texas Hold Em' Tournament

Thursday, February 19, 2015 

Registration at 6:00 PM. Game starts promptly at 7:00 PM.

Star Lanes at Emagine Royal Oak
200 North Main Street
Royal Oak, MI 48067

$100 buy-in and $50 re-buy. VIP prizes for finalists. Chips have no cash value. Must be 18 to play and 21 to consume alcohol.   

 

Contact Jessica Dalessandro at jdalessandro@uhy-us.com or 586 843 2507 to save your spot! Cash, check or credit card contributions accepted in advance or at the door. Sponsorship opportunities available.

UHY Cares in cooperation with the D.M.G.C. and the McCarty family hope to see you there! 

 

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UHY Cares Holiday Fundraising Campaign Raises Nearly $20,000 For Several Local Families In Need

During the holiday season, a time for gifts and celebrations, it is important to remember the true meaning of this special time; generosity and kindness.  UHY Cares Michigan, a nonprofit 501c3 organization founded by accounting firm UHY LLP,  partnered with Angels of Hope Family Cancer Foundation and Volunteers of America to give a merry Christmas to some families who otherwise would not have had one. Cares sponsored 18 local families for the holidays and raised nearly $20,000 through employee raffles, jean days, bake sales, luncheons and partner matches. Over 30 volunteers from UHY's Farmington Hills and Sterling Heights locations joined forces to shop, wrap and deliver gifts and holiday cheer to 85 people from the metro Detroit area. 

In addition to sponsoring these families for the holidays, UHY Cares donated hundreds of items to Toys for Tots and Michigan Humane Society. Monetary donations were also made to other various charities to highlight a successful fundraising season. The holiday campaign is evidence of UHY's promise to give back to the community they serve.

"Every year the holiday fundraising campaign gets bigger and better, allowing us raise and donate more money", said Tom Callan, president of UHY Cares. "More and more employees ask to get involved and volunteer their time to Cares initiatives, ideas are shared and new fundraising ideas are implemented. For example, this year volunteers assembled festive holiday jars with different cookie mixes and other treats that were sold around the offices. Over 50 orders were placed. Just one of many new ideas the Cares team came up with to keep contributions flowing for this great cause."

UHY LLP, a certified public accounting firm, operates its charitable giving activities through UHY Cares, an independent nonprofit 501c3 organization. Cares, which was incorporated over five years ago, was an idea inspired by employees and is volunteer based. Through UHY Cares, employees are able to give back to the community, including helping individuals going through personal emergencies or hardships. UHY Cares Michigan has provided assistance to over 150 local charities and families and continues to grow this list every year.  

 

Are you ready to take charge of your career path? Be sure to visit our careers page for the most up-to-date career listings or contact Amanda Sheets at asheets@uhy-us.com or 248 204 9482. Check out some of the current opportunities in our Michigan offices:

 

• Audit manager, 7+ years of experience
• Audit senior accountant, 5-7 years of experience, CPA required, working with municipalities a plus
• Audit senior staff accountant, 2-4 years of experience
• Tax manager, 7-10 years of experience
• Tax senior accountant, 5-7 years of experience, CPA required
• Director of litigation, testifying experience required
• Marketing associate, 2+ years of experience, bachelor's degree in marketing or related field

 

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