Thank you for another great season!

"Thank you!

Because of great customers like you, CrossLink once again experienced a record year of growth. We could not do it without you and I would like to personally thank you for your business.

If you recall from previous seasons, I strongly believe that well rested employees are essential to meeting your needs, developing industry leading solutions, and enabling your continued success. In support of this, I wanted to let you know in advance that our employees will be out of the office for the period of May 24th through June 1st.

We are preparing for another exciting year and we want to hit the ground running on June 1st with the passion, creativity, and energy you have come to expect from your CrossLink Team.

Should you have any questions regarding this break, please do not hesitate to contact your CrossLink Team for additional information.

Thank you very much for your business!"

Charles Petz, CPA
Chief Financial Officer
Petz Enterprises, LLC

IRS Update: Qualifying Exemptions from the Requirement to have Health Insurance for 2014

Individuals who do not have health insurance for at least nine months in 2014 will owe an additional tax (penalty) when they file their 2014 federal income tax return unless they qualify for an exemption.

The following scenarios may qualify an individual for an exemption:

• The amount required to pay for the lowest price coverage is more than 8% of the household income
• Individual does not have to file a tax return because their income is too low
• Individual is not lawfully present in the U.S.
• Member of federally recognized Native American tribe
• Read More

If an individual does not qualify for one of the above exemptions they may qualify for a hardship exemption. Some of the hardship exemptions an individual may qualify for are:

• Filed for bankruptcy in the last six months
• Had medical expenses that the individual could not pay in the last 24 months
• Read more

The type of exemption an individual is eligible for can determine how they obtain the exemption. Some exemptions may be obtained only through the Marketplace (Exchange), others only from the IRS, and yet others from either the Exchange or the IRS.

Click here to read the entire CrossLink Tax Update that includes further information on qualifying exemptions from the requirement to have health insurance for 2014.

IRS Update: Change in Income or Family Size During 2014 and the Advanced Premium Tax Credit (Subsidy)

For individuals that received an advanced premium tax credit (subsidy) to help pay for their 2014 health insurance premiums, it is important to report any change in their circumstances (such as in their income or family size) to the Health Insurance Marketplace (Exchange) where they obtained their insurance. This is important because any change in circumstances for an individual can affect the subsidy amount that was calculated when they first signed up for health insurance.

The subsidy is actually an advance of the 2014 premium tax credit which is paid directly to an individual’s health insurance provider each month. This amount will be reconciled with the actual premium tax credit that will be calculated on the individual’s 2014 federal return (which is based on the 2014 income and family size reported on it).

The impact of this reconciliation to the individual is as follows:

• A refundable credit will occur if the actual credit is greater than the subsidy received.
• An additional tax will be due if the subsidy received is greater than the actual credit.
• Read More

Click here to read the entire CrossLink Tax Update that includes further information on changes in income or family size during 2014 and how it affects the advanced premium tax credit subsidy.