2014 Monthly Average Premium For Bronze Level Coverage

Revenue Procedure 2014-46 provides the 2014 monthly national average premium for bronze level coverage for 2014 for use in calculating individual’s maximum individual shared responsibility payment under Section 5000A(c)(1)(B). Document Excerpt  This revenue procedure provides the 2014 monthly national average premium for qualified health plans that have a bronze level of coverage for taxpayers to […]

Procedural Guidance regarding Branded Prescription Drug Fee

Notice 2014-42 provides guidance relating to the annual fee imposed on branded prescription drug manufacturers and importers under Section 9008 of the Affordable Care Act. Document Excerpt  This notice provides guidance on the branded prescription drug fee for each fee year related to (1) the submission of Form 8947, “Report of Branded Prescription Drug Information,” […]

Guidance on Reconciling Sections 162(l) and 36B

Revenue Procedure 2014-41 provides guidance on methods taxpayers may use to resolve the interrelationship between the deduction under Section 162(l) and the premium tax credit under Section 36B.   Document Excerpt This revenue procedure provides guidance that a taxpayer may use to compute the deduction under § 162 of the Internal Revenue Code for health […]

Guidance on Calculating Premium Assistance Credit

Revenue Procedure 2014-37 provides guidance on the method used to determine the applicable percentage table in Section 36B(b)(3)(A) used to calculate an individual’s premium assistance credit for taxable years after 2014.   Document Excerpt This revenue procedure provides indexing adjustments for certain provisions under sections 36B and 5000A of the Internal Revenue Code. In particular, […]

DC Circuit Holds that Subsidies May Not be Extended to Federal Exchanges

Issuing its ruling shortly before the Fourth Circuit upheld such subsidies, the DC Circuit holds that the Affordable Care Act’s subsidies may not be extended to those who purchase insurance through a Federal Exchange as the statute provides for such subsidies only when purchased under a state maintained exchange. Document Excerpt We conclude that appellants […]

Fourth Circuit Upholds Federal Exchange Subsidies

Concluding that the statute and the legislative history was not clear, the Fourth Circuit upheld the regulatory interpretation allowing subsidies to those who otherwise qualify but who purchase under Federally established exchanges. Document Excerpt It is thus entirely sensible that the IRS would enact the regulations it did, making Chevron deference appropriate. Confronted with the […]

Definition of “State” For purposes of ACA

The CMS releases a letter discussing the definition of “state” for purposes of the Affordable Care Act and the impact on Puerto Rico and other U.S. Territories. Document Excerpt After a careful review of this situation and the relevant statutory language, HHS has determined that the new provisions of the PHS Act enacted in title […]

ACA FAQ Implementation Part XX

The DOL has released Part XX of its Frequently Asked Questions regarding the implementation of the Affordable Care Act specifically discussing dropping or reducing contraceptive coverage. Document Excerpt Q: My closely held for-profit corporation’s health plan will cease providing coverage for some or all contraceptive services mid-plan year. Does this reduction in coverage trigger any […]

Partial Withdrawal of Proposed Regulations On IRA Rollovers

In light of its changed interpretation, the IRS has withdrawn part of its proposed regulations governing the one rollover per year rule. Document Excerpt Based on the language in section 408(d)(3)(B), a recent Tax Court opinion, Bobrow v. Commissioner, T.C. Memo. 2014-21, held that the limitation applies on an aggregate basis. Thus, under Bobrow, an […]

Employee Plans News

The IRS has released the July edition of its Employee Plans News which includes a discussion of the final longevity regulations and updates on 403(b) plans.   Document Excerpt Final rules regarding longevity annuities – expand proposed rules on longevity annuities for plans and IRAs (T.D. 9673) 403(b) plans update and latest developments phone forum […]

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