Tag: Obamacare

What Responsibilities Do Tax Preparers Have in Assessing ACA Penalties?

Robert Flach at his “The Tax Professional” blog asks the following question regarding Affordable Care Act penalties assessed on tax returns against people who do not carry health insurance: What is our legal responsibility as tax preparers when it comes to calculating the new convoluted and potentially expensive Obamacare penalty for clients who are not […]

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Is the Patient-Centered Outcomes Trust Fund Fee Deductible as a Business Expense?

This is a brief follow-up to my post yesterday about the Patient-Centered Outcomes Trust Fund Fee. Is the fee deductible as a business expense? The fee is technically considered to be an excise tax, because it is reported on a Form 720 (Quarterly Federal Excise Tax Return). Excise taxes are often not deductible as business expenses. […]

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