The Brass Tax of Politics

Obamacare Users Will Need Extra Form From the Government Before They Can File Their Taxes

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If you are an Obamacare enrollee, you will not be able to file your taxes next year until you receive a new Obamacare form, the 1095A. That means if the government is not on time getting the forms out, taxpayers who need the form could face a delay receiving anticipated refunds.

The proposed deadline to send out the forms is January 31, 2015, which also coincides with the date that employers must issue W-2 to their employees.

Form 1095A is necessary: filers need the forms to calculate whether they received the correct subsidy from the government, or if they owe money to cover a difference”. The IRS has a working draft on the form, but doesn’t yet include the instructions on how to calculate the proper subsidy amount — and that’s the key.

Because of the extensive problems during the Obamacare rollout and initial signup period, some folks may find that the did not receive the proper subsidy. Additionally, changes to income during the year might also affect the outcome. The Form 1095A is designed to match up the income for 2014 with the subsidy amount received. Some might find they will didn’t get enough of a subsidy and will receive money back, while others could have the opposite problem: their subsidy was too high, and they now owe money back.

So Obamacare users — be on the lookout for the 1095A early next year. Even if you have all your documentation to file your taxes, you still may not file until you receive that form. Hopefully the government will not be as late on issuing it as it was with other Obamacare related items.

Tax on Sugar? This is not 1764

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On April 5, 1764, Parliament passed something called "The Sugar Act", which, interestingly, had another name: "The American Revenue Act". It was a modification of the 1733 Molasses Act, and it also affected other goods, such as wine and … [Continue reading]

Savings, Working, and Retirement

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A study was released today that showed more than a third of Americans, (36%)a have saved nothing for retirement. That got me thinking about the idea of retirement and the state of retiring in this country. Everyone thinks they can retire at age … [Continue reading]

The Latest Business Attack on MLPs is Just as Flimsy as the Inversion Crusade

Cyber-attacks

Earlier this week, the business world was chattering about the news that Kinder Morgan, pioneer of the Master Limited Partnership (MLP) business model, was surrendering the MLP structure in favor of a more traditional corporation. This happened last … [Continue reading]

Chuck Todd to Take Over Helm at Meet the Press?

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At the end of June, I penned a piece about Chuck Todd with the opening salvo, "You can’t have anyone that stupid be in charge at NBC." Now I hear that Chuck Todd is planning on taking over David Gregory's spot on Meet the Press. That is an utter … [Continue reading]

Congressional Standing to Sue the President

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Lately there have been recent discussion about whether or not Congress can sue the President. We have had several occurrences, in fact, where the President has violated the Constitution by overreaching his authority with regard to Congress. In these … [Continue reading]

More Inspector General Transparency: Feds Filter Final Report

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As if the recent letter from the Inspectors General to Congress wasn't enough, there's a new story about apparent interference from the Feds into an Inspector General report. The Washington Post reports today about an incident in which an … [Continue reading]

Government Inspectors General Describe Atmosphere of Restricted Access

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Inspectors General (yes, that's the plural) are considered watchdogs for the government. Their jobs primarily focus on "uncovering waste, fraud, and mismanagement", which is an important function to keep government programs and agencies in … [Continue reading]

Audit Reveals Government-Run Transparency Site Is Inaccurate and Inconsistent

Money-down-the-drain

USAToday gave a sobering report this week which reaffirmed the inability of our government to be both accurate and transparent. The Government Accountability Office (GAO) audited spending data from 2012, the most recent year for which data is … [Continue reading]

Must Read: Thomas Sowell on “Is Thinking Now Obsolete?”

Thomas Sowell is one of the greatest minds of today. His latest essay entitled "Is Thinking Now Obsolete?" is exemplary: I have reposted it in its entirety below: "Some have said that we are living in a post-industrial era, while others have said … [Continue reading]

Inversions Are The Only Way Some Businesses Can Compete Against Discriminatory Tax Policy

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When the resident or his advisers talk about inversions these days, they are truly talking about intentional and virulent discrimination of our American companies compared to foreign companies. In the present environment, U.S. companies are at a … [Continue reading]