January 27, 2015
Thomson Reuters Checkpoint Releases 1040 Checklist Covering Affordable Care Act Requirements for Tax Practitioners
NEW YORK, NY – Thomson Reuters Checkpoint has released a free 1040 Checklist for Determining Minimum Essential Health Insurance Coverage. The Affordable Care Act has introduced two new reporting requirements that will figure prominently on many 2014 Form 1040 returns: the premium tax credit and the individual shared responsibility penalty.
“These new requirements present new challenges for tax practitioners, as they must determine whether clients have qualifying health insurance or are eligible for an exemption from the mandate, calculate any penalties, and determine eligibility for the premium tax credit,” says Blake Smith, senior director of product development with the Tax & Accounting business of Thomson Reuters.
This free checklist guides practitioners through the questions to ask clients to determine if they had the required health insurance coverage during 2014 to avoid the individual shared responsibility penalty, or if they qualified for an exemption.
The checklist is available for download at no cost at tax.thomsonreuters.com/ACA-Checklist.
Thomson Reuters Checkpoint offers many resources to help tax practitioners navigate the complex rules and requirements related to health care reform, including the following:
- PPC’s 1040 Deskbook — answers for solving real-life tax return preparation issues, addressing new 2014 health care reporting issues on Form 1040 in addition to all other 1040 compliance issues.
- PPC's Guide to Health Care Reform — detailed coverage of health care reform, with special focus on tax issues affecting individuals and businesses.
- Checkpoint Learning Online Courses and Webinars— training and continuing education online courses and webinars, including Health Care Reform – The Individual Mandate and Obamacare - The Individual Mandate.
- Health Care Reform Monthly — monthly email newsletter that helps firms communicate the legislation’s provisions as they roll out, share recently released guidance, review the impact on employers and provide strategies for ACA compliance while controlling costs, minimizing tax, and achieving business goals.
Thomson Reuters Checkpoint is the leading global brand of knowledge solutions for tax and accounting professionals. Checkpoint is a robust, comprehensive, and interactive offering which provides integrated research, editorial insight, productivity tools, online learning and news updates along with intelligent linking to related content and software. With our respected content, Checkpoint is relied on by thousands of tax and accounting professionals, including 97 of the Top 100 U.S. law firms, 96 of the Fortune 100 companies, and 99 of the top 100 U.S. CPA firms.
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