Small insurance companies facing scrutiny receive IRS deal offer

InsuranceBee and Hiscox launch insurance agent partner program

The goal of the deal is to ensure tax payment plus interest in exchange for dropping the case. The I.R.S. has offered small insurance companies under tax avoidance scrutiny a way to avoid penalties through a new offer. This offer would give the insurers the opportunity to pay all outstanding back taxes – in addition to interest – in order to close their cases and face no further penalties. The Internal Revenue Service is working to help to correct the tax avoidance and prevent it in the future. The small…

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More grad students could lose their health insurance coverage

Georgia Health Insurance exchange

Grad students from University of Georgia may lose insurance subsidies Grad students at the University of Georgia are expressing concern that they may be losing their access to health insurance subsidies provided by the federal government. Per federal law, all U.S. citizens, including grad students, must have health insurance coverage. For many students, however, the only way to afford coverage is to take advantage of subsidies created through the Affordable Care Act. Grad students from other universities have already lost their subsidies, which has put others on edge when it…

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Grad students in Missouri are losing their health insurance subsidies

health Insurance IRS

Grad students are suffering under some provisions of the Affordable Care Act Grad students from the University of Missouri have lost the health insurance subsidies that they received through the Affordable Care Act. According to the university, grad students are considered by the Internal Revenue Service, which manages federal subsidies for insurance coverage, to be “employees.” As such, many of them are not eligible to receive subsidies from the government. Grad students that have lost access to subsidies may not be able to afford the insurance coverage that they currently…

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Penalties are coming for those without health insurance

Online Health Insurance

Lack of insurance coverage is becoming an expensive problem Those that do not have health insurance may be surprised to find themselves with fines levied against them by the federal government after they file taxes. This year, those filing taxes must inform the Internal Revenue Service of their insurance status. Those without coverage will face a fine, while those with coverage will not. The average fine for those that have not had coverage over the past year will be $95, or 1% of a household income, whichever is greater. The…

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Health insurance subsidies hit a roadblock in the US

health insurance deadline enrollment

Some people may be receiving more subsidies than they are due U.S. consumers may be receiving more subsidies from the federal government than they are due to receive under the Affordable Care Act. The federal law offers financial assistance to those that fall within a certain range of poverty, as defined by the government. Subsidies are meant to offset the cost of health insurance policies, making them more affordable and more widely available to consumers throughout the country. Some people may be abusing the availability of these subsidies, however. Some…

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Health insurance mandate penalty may be vastly misunderstood

health insurance confusion

Federal law places a penalty on those without health insurance coverage The health insurance mandate of the U.S. Affordable Care Act has become one of the more controversial aspects of the federal law. According to the law, all U.S. citizens must have active health insurance coverage beginning on January 1, 2014. Failure to comply with the mandate could mean facing a tax penalty issued by the Internal Revenue Service (IRS). These penalties will not actually be issued until March 31, 2014, when the open enrollment period for health insurance exchanges…

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Long term care insurance tax deduction limits are on their way up

Long Term Care Insurance

The IRS has increased these limitations to help LTC customers afford their policies. The director of the American Association for Long Term Care Insurance, Jesse Slome, has announced that the IRS has now increased their tax deduction limits on this form of coverage. The Internal Revenue Service announced the start of this change for policies purchased in 2013. According to Slome, “For taxable years beginning in 2013, the limitations have been increased,” adding that “Tax advantaged long-term care insurance remains one of the few remaining significant tax-savings benefits especially meaningful…

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