Ask a CPA

All companies with at least $500,000 in annual revenue and at least 1 employee must notify their employees about health coverage options, including the existence of the new insurance exchanges by October 1, 2013.
Employers are required to provide notice to each employee at the time of hiring beginning October 1, 2013. For 2014, the employer can provide notice within 14 days of the employee's starting date.

Employees under the age of 26 may be eligible to be covered under their parent’s health plan

Generally, yes. But while all Marketplace plans offer the same general set of benefits, specific benefits may be different in each state. Even within the same state, there can be small differences between plans.
When you fill out your Marketplace application and compare plans, you'll see the specific benefits each plan offers.

Yes. All Marketplace insurance plans cover mental health and substance abuse services as an essential health benefit. Mental and behavioral health services are essential health benefits.
Health insurance plans available in the Marketplace must cover 10 categories of essential health benefits. One of these categories is mental health and substance abuse services. (Substance abuse is also known as substance use disorder.
These services include behavioral health treatment, such as psychotherapy and counseling. They also include mental and behavioral health inpatient services and substance use disorder treatment.
Your specific behavioral health benefits will depend on the state you live in and the particular health plan you choose. You’ll see a full list of what each plan covers when you compare plans in the Health Insurance Marketplace.

No. Only large employers will face penalties for not providing insurance to employees. Under the new ACA law, small businesses with less than 50 employees are exempt from the penalty for not offering coverage to their employees.
Small businesses that do offer insurance to its employees may qualify for a tax credit as an incentive.
For companies with at least 50 employees, there are penalties if the business does not offer health insurance.

Yes, The 3.8% surtax is levied on the lesser of net investment income or the excess of modified adjusted gross income over $11,950 for estate and trusts. The new tax will be calculated on new IRS Form 8960 and transfer to Form 1041, Schedule G, line 4.

In 2013, the new tax applied to investment income, such as interest and dividends for individuals with income over certain thresholds.
There is a 3.8% surtax levied on the lesser of net investment income or the excess of modified adjusted gross income over $250,000 for joint filers and qualified widow's, $200,000 for single filers and $125,000 for married filing separately taxpayers.
The Net Investment Income Tax will calculated on new IRS Form 8960 and transfer to Form 1040 line 60.

The standard deduction rises to $6,200 for singles and married persons filing separate returns and $12,400 for married couples filing jointly, up from $6,100 and $12,200, respectively, for tax year 2013.
The standard deduction for heads of household rises to $9,100, up from $8,950.

The tax rate of 39.6 percent affects singles whose income exceeds $406,750 ($457,600 for married taxpayers filing a joint return), up from $400,000 and $450,000, respectively. The other marginal rates – 10, 15, 25, 28, 33 and 35 percent – and the related income tax thresholds are described in the revenue procedure.

The Alternative Minimum Tax exemption amount for tax year 2014 is $52,800 ($82,100, for married couples filing jointly).
The 2013 exemption amount was $51,900 ($80,800 for married couples filing jointly).