Affordable Care Act New Tax Penalties: Impact on Individuals and Employers

Instructor: Cherie Hennig
Product ID: 703686
  • Duration: 120 Min
This webinar will instruct participants on the new penalties issued to individuals and employers who lack coverage altogether or whose healthcare coverage fails to meet Affordable Care Act (ACA) standards. Attendees will also learn how to compute the required annual payment, i.e., the shared responsibility payment. This two-hour webinar will focus on requirements set forth for individuals and employers filing the new form 1095-C.

recorded version

1x Person - Unlimited viewing for 6 Months
(For multiple locations contact Customer Care)
Recorded Link and Ref. material will be available in My CO Section
Last Recorded Date: May-2015

Training CD / USB Drive

One CD/USB is for usage in one location only.
(For multiple locations contact Customer Care)
CD/USB and Ref. material will be shipped within 15 business days

Customer Care

Fax: +1-650-362-2367


Read Frequently Asked Questions

Course "Affordable Care Act New Tax Penalties: Impact on Individuals and Employers" has been pre-approved by HRCI as eligible for 2 credits towards a participant's recertification upon full completion.
“The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program”.

Why Should You Attend:

The penalty on individuals who lack coverage altogether or whose coverage fails to meet ACA standards will kick in with the 2014 filing season. It is critical to prepare now to help clients understand the penalties that could leave them upset when they find their tax refunds are reduced by these penalties. There are new terms tax professionals need to master now, such as ‘minimum essential coverage’ and ‘shared responsibility payment.’

The first part of this webinar will cover the ACA requirements for individuals that require the taxpayer and each member of the taxpayer’s family to have qualifying insurance or pay a tax on their 2014 returns. The course will instruct the tax return preparer in:

  • Gathering appropriate information to help clients comply with the new law and possibly qualify for one of the many tough exemptions from the penalty tax
  • Verifying whether individuals qualify for the new Premium Tax Credit, Form 8962, to help pay for their health insurance premiums

The second part of the webinar will cover the ACA requirements for employers to file the new form 1095-C for employees covered by the employer’s group health plan. It will analyze whether their plan meets the essential coverage requirements. Additionally, this segment will also include:

  • Comprehensive examples of how to compute the shared responsibility payment for both an individual and an employer
  • Discussions on alternate scenarios to minimize these payments (i.e. taxes)

Learning Objectives:

At the end of the course, attendees will gain a practical understanding of who will be affected by the ACA and who will be exempt from the new penalty tax. The other key learning areas will include:

  • Determining how to compute the required annual payment, i.e., the shared responsibility payment
  • Understanding whether the taxpayer’s health insurance meets the minimum essential coverage requirement
  • Understanding the employer shared responsibility payment which will be imposed on some employers who do not offer health insurance in 2015 (2016)

Areas Covered in the Webinar:

  • What is minimum essential coverage?
  • Who are exempt?
  • How is the shared responsibility payment computed?
  • How is the shared responsibility payment collected by the IRS?
  • What is the role of the tax return preparer in advising a taxpayer regarding their compliance with this new law?
  • What impact will the employer shared responsibility payment have on the firm’s financial statements?
  • How and when will employers who do not offer health insurance to their employees be affected?

Who Will Benefit:

  • Compliance personnel in financial institutions
  • Branch management staff
  • Training department
  • CPAs and EAs
  • Tax attorneys
  • Financial professionals advising clients on tax compliance

Instructor Profile:

Cherie Hennig began her career as an IRS revenue agent in Denver, Colorado, and has taught numerous undergraduate and graduate tax courses at Wake Forest University, University of North Carolina, Wilmington, Florida International University, Colorado State University, the University of South Florida, and Virginia Tech. Dr. Hennig has published many articles in major tax journals, is an author and co-author of numerous tax texts, and has written and taught many continuing professional education courses. She has been a faculty intern with local and national CPA firms, and has conducted research for the IRS Statistics of Income Division and the District Office of Research and Analysis. She is a member of the American Taxation Association, the American Institute of CPAs, and has served on the Tax Executive Committee of the AICPA Tax Division. Dr. Hennig received her Bachelor's, Master's, and Ph.D. degrees in accounting from the University of Colorado.

Topic Background:

The ACA presents many challenges for tax professionals who must deal with myriad compliance issues regarding healthcare coverage requirements under this complex law, while understanding how and when tax penalties associated with lack of coverage will be applied.

Employers with more than 50 full-time employees may be required to make shared responsibility payments for the 2015 (2016) tax year. These penalties will be based on the number of full-time employees, or full-time equivalents during the prior tax year.

Follow us :
FMLA and ADA Compliance Certificate Program: Everything You Ever Wanted to Know
BSA/AML/OFAC Risk Assessments

Refund Policy

Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. ComplianceOnline would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange.

Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs. Substitutions can happen any time.

If you have any concern about the content of the webinar and not satisfied please contact us at below email or by call mentioning your feedback for resolution of the matter.

We respect feedback/opinions of our customers which enables us to improve our products and services. To contact us please email call +1-888-717-2436 (Toll Free).

Product Reviews

This product hasn't received any reviews yet. Be the first to review this product! Write review

Best Sellers
You Recently Viewed