Lyon-Dugin & Associates LLC
110 1st Ave NE
Suite F1001
Minneapolis, MN 55413
www.Lyon-Dugin.com
Phone 612-670-3427
Welcome to your Partner for Education
on Tax and Health Exchange Compliance
Regulatory Compliance Services
Condo & Homeowners Education on National Board of Certification Association
Filing and Compliance Testing for DOL and IRS
ERISA testing
IRS Compliance Top Heavy Testing 401(k)
Retirement Plan Review
Health Plan Benefits Education & Selection
PPACA Medical Plan Certification
Health Exchange Cost Sharing Compliance
Benefits Consulting Services
Health Exchange Guidance
* Do I need to issue Employer Provided Health Insurance Offer and Coverage
(IRS Form 1095-C)
* Do I need to issue Health Coverage
(IRS Form 1095-B)
Business Tax Compliance
QuickBooks Pro Advisors
Software Chart of Accounts Review
QuickBooks Setup
QuickBooks Training
SBA Loans
Cash Analysis
Financial Statement Prep
Financial Investment Consulting
Business Planning
Insurance & Risk Management
Workman's Compensation Insurance
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Your tax refund could be held up, because you failed to inform the IRS as to whether you were in compliance with the new health insurance accountability law.
If you joined MNSure In MN and or bought insurance on a State Exchange and received a Premium tax credit. You will need to add a form 8962 to your form 1040. For each month you had health Insurance the tax form 8962 has a box you need to fill n with information from your form 1095 A received from the Market Exchange Carrier.. If your tax preparer did not ask you this question, (you may no be eligible for a refund-or may need to pay more.
We are a resource for knowledge and planning in the areas of compliance for the Affordable Care Act. We can provide the service to analyze your
individual coverage and your family coverage and limit the tax penalty caused by receiving a premium tax credit.
We look for employer and employee needs and then connect you to the group of agents or brokers to get your individual or employers insurance in compliance with ACA guidelines.
If you are an employee whose company does not offer a group policy, we have the means and network to find individual coverage for you and your dependents to avoid any IRS penalties.
Pick up the phone-763-279-1002
Patient Protection and Affordable Care Act
Employers: Top 5 Things related to IRS Form 1095 series. Health Insurers and Self Insured Plan sponsors should be concerned in 2017 and making choices for 2017-2018 Plan year
(Do I need to send out Form 1095 with W-2)(No)
1. This Form 1095 is used to report who, what and what type of coverage, along with what months the alternative coverage was offered. Remember the objective is to find out what type of coverage existed each year.
2. As employers we need to start collecting all Social Security Numbers. Your insurance carrier has this information.
3. Must report proof that the plan coverage meets the Minimum Essential Benefits. Note: All plans sold today are ACA compliant.
4. Self Insured Employers: Change your ASO document and make the Insurance Carrier complete and mail the form.
5. Penalties will be enforced possible after 3 IRS attempts
Individuals and Tax Preparers: Form 8962 Premium Tax Credit ) will need to be attached to Form 1040, 1040A and 1040NR
IRS compliance Fact: form 1095-A
1. Form 1095-A - Is necessary for completion of tax returns if coverage was purchased on the exchange.
2. Ask your tax professional validate monthly premiums paid?
3. Testing uses The Second Lowest Cost Silver Plan and premium will be used to calculate exchange tax liability.
(Tax Preparer will need to offer guidance in this area.)
4. Part III Months of Coverage -- What happen when my 26 year old drops off? How will change in cost be calculated?
5. Individual will need to know what subsidy (Advanced Payment), available from insurance carrier, was received in order to complete tax return.
If you need help understanding these issues, we have Enrolled Agents on staff along with a Certified Employee Benefits Specialist.
We have knowledge of all forms and documents to assist Employers and Employees and support your DOL compliance needs.
Form 1095-C and form 1095 -B testing for 2017
