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IRS Commissioner Reports On ACA Stats For 2015

January 26, 2017 Robert Sheen Affordable Care Act, IRS, Reporting
IRS Commissioner Reports On ACA Stats For 2015

While we are getting our information in order for the 2016 tax year, we received some clarity on the previous year from the IRS. The IRS’s Commissioner John Koskinen has reported on information surrounding employer shared responsibility payments and individual premium tax credits (PTCs) for the 2015 tax year.

ALEs are required to offer minimum essential coverage to their full-time employees. If they don’t, there’s a shared responsibility payment to be made by such employers. Further, if an employer offers healthcare but it’s not deemed affordable by employees, that employee is eligible for a PTC for Marketplace-purchased insurance.

Koskinen reports that in 2015, 80% of those who paid taxes stated on their tax forms that they had qualified coverage for the year. In addition, almost 13 million of taxpayers received one or more exemptions. About 5.3 million of taxpayers received a PTC, averaging $3,620 per credit. Advance payments of the PTC were provided to about 2.4 million Americans who filed tax returns, with an average of $670 per credit.

As penalties for employers who do not offer affordable coverage reaches billions of dollars, it’s important to read these stats as they reflect a considerable number of insured. They also reflect a considerable number of those who do not find employer-sponsored healthcare affordable and rely on PTCs to make up the difference. Keep your radars up and be on the lookout for IRS notices, as your company could be responsible for making some payments this tax season.

To learn more about ACA compliance in 2021, click here.


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IRS Commissioner Reports On ACA Stats For 2015
Article Name
IRS Commissioner Reports On ACA Stats For 2015
Description
In a report from the Commissioner of the IRS, we learn some helpful stats about shared responsibility payments and premium tax credits from 2015.
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Robert Sheen
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The ACA Times
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The ACA Times
Short URL of this page: https://acatimes.com/dui
Robert Sheen

Robert Sheen

Robert Sheen, Esq., is editor-in-chief of The ACA Times. He also is founder, president and CEO of Trusaic.

Robert Sheen is Founder and President of Trusaic, Inc. Robert is a graduate of the University of Southern California, in Business Administration with an emphasis in International Finance. He earned his Juris Doctor from Loyola Law School, Los Angeles, concentrating in Tax Law.

View more by Robert Sheen

Related tags to article

Affordable Care ActHealth Care CoverageHealth Insurance MarketplaceIRSJohn KoskinenMinimum Essential CoveragePenaltiesReportsTaxes
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