Lyon-Dugin & Associates LLC
401 N 2nd St
Suite 104
Minneapolis, MN 55401
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
HR Department Compliance Assistance
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
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 law.
If you joined MNSure and bought insurance on the exchange and received a Premium tax credit. Well for each month you had health Insurance the tax form1040 has a box you need to fill in and add the same form 1095 to your return.. If your tax preparer did not ask you this question, ( I wonder did you still get a refund-it may be wrong.)
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 cause 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 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. Please note saving FICA and Medicare on Health Premiums is a 15.2% reduction in Income tax liability.
Pick up the phone-763-279-1002
Patient Protection and Affordable Care Act
Employers: Top 5 Things related to IRS Form 1095 (New for 2015) that Health Insurers and Self Insured Plan Sponsors should be concerned about in 2015 and making choices for 2016 Plan year
(Do I need to send out Form 1095 with W-2)
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 in 2015.
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 XXXX attempts
Individuals and Tax Preparers: Form 8962 Premium Tax Credit ) will need to be attached to Form 1040, 1040A and 1040NR
Software will auto fill boxes 1-7
1. Issue is Form 1095-A - necessary for completion of tax returns if they are in the exchange.
2. How does a tax professional validate monthly premiums paid?
3. The Second Lowest Cost Silver Plan 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 and a Certified Employee Benefits Specialist. We have knowledge of all forms and documents to assist Employers and Employee and we deal with compliance after the fact
Form 1095-C and form 1095 -B testing
