As well as the trade provisions that were the bill’s focus, the Trade Preferences Extension Act of 2015 (H.R. 1295), signed into law in June of 2015, contains provisions regarding tax law. The Act revises several Tax Code provisions, and extends a number of trade agreements as well as programs like trade adjustment assistance (TAA) and the Health Coverage Tax Credit (HCTC). TAA consists of programs that provide federal job training and assistance to workers, firms, farmers and communities that have been adversely impacted by foreign trade.
2016 Impact Of Provisions Of The ACA On Businesses
Just as it does for employees, the Affordable Care Act (“ACA”) contains benefits and responsibilities for employers. The size and structure of an employer’s workforce is primarily determinative of how ACA rules apply to a particular covered situation. This information only applies if a business owner has employees, Otherwise, if there are no employees, other tax provisions, such as the insurance provider fee may affect the business enterprise.
An employer’s size is determined by the number of its employees. Employer benefits, opportunities and requirements are dependent upon the employer’s size and the applicable rules. Generally, an employer with 50 or more full-time employees or equivalents will be considered an applicable large employer.
2016 Affordable Care Act Changes For Individual Taxpayers
The Affordable Care Act (“ACA”) imposes the requirement that all Americans acquire health insurance that qualifies as “minimum essential coverage” under the Act. Otherwise, taxpayers may have to make a shared responsibility payment to the IRS when they file their tax return in April. The ACA also allows for a tax credit known as the premium tax credit for taxpayers that purchase health coverage through the Health Insurance Marketplace.
Known as the individual shared responsibility provision, it requires a taxpayer, his or her spouse, and their dependents to have health insurance minimum essential coverage for the entire reporting year. Most taxpayers already have qualifying health care coverage, and will simply report this fact on their return by checking a box.