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Recent Omnibus Budget Reconciliation questions

Are health insurance cards issued through a COBRA plan coded

Good morning:Are health insurance cards issued through a COBRA plan coded a certain way? If so, where would that information be located on the health insurance card? Would the health insurance card be numbered/look identical to the health insurance cards issued through the former employer's health plan?The card in question was issued through United Healthcare. We are gathering proof that the holder of this card is currently working and not unemployed, as he is claiming (in order to avoid paying child support for his two young children).If cards issued through a COBRA plan do look identical to an employer's health insurance card and have no coding identifying them as COBRA, is there a way to find out whether a health insurance plan WAS issued through COBRA?Thank you in advance for any help you can provide.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,378 satisfied customers
An employer offers to pay an employees medical for 3 months

An employer offers to pay an employee's medical for 3 months as part of her severance package. Is this taxable compensation to her?

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Robin D.

Vocational, Technical or Trade School

24,142 satisfied customers
Have a client who owned a hotel....they ended up having to

Have a client who owned a hotel....they ended up having to let the hotel go to auction, where another hotel ended up buying the note and forcing them into forclosure...the other hotel ended up taking all the assets of the hotel with them. My question is, I need to get the note off my clients books and the assets off the books....What are my steps.

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PDtax

Owner

Master's Degree

7,710 satisfied customers
My fiances mother, 93, just went into assisted living , lives

My fiance's mother, 93, just went into assisted living , lives in calif, half the house is in trust from her fathers death in 1987. Can they have her buy the half of the house with her remaining dollars, pretty much all her cash,so they can pay for her assisted living. She is totally with it. Her doctor asked her to spell world and then asked her to spell it backwards and she did it faster than me and I went to medical school.what are the tax and gift issues.

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Lev

Retired

Bachelor's Degree Equivalent

24,870 satisfied customers
Here is the senario, I started a new job after being laid

Here is the senario, I started a new job after being laid off, I got a new job and my current employer does not off health insurance but he offered to pay my COBRA premiums for me, his accountant at the time told him that as long as he paid the premiums and I did not have unrestricted access to the money that it would be tax-free payment for him since its healthcare, since then he has a new accountant and he states that the premium payments would be taxable. So we are a little confused as to what the status of these payments would be?

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Anne_C

Attorney

Doctoral Degree

1,496 satisfied customers
i have an employee on LT disability who is terminating his

i have an employee on LT disability who is terminating his employment due to illness. The firm would like to continue to pay his health insurance. Is this taxable to him? How is it reported?

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JKCPA

Certified Public Accountant (CPA)

Bachelor's Degree

4,666 satisfied customers
I was gifted my fathers house for $1.00 in May 2005 and it ...

I was gifted my fathers house for $1.00 in May 2005 and it has a life estate clause in it. My father was put into the nursing home in May 2007 and was approved for Medicaid in 2007. I need to sell the house now as I cannot afford the expenses and taxes. Can I do this with out the Nursing Home getting anything. I have always lived in the house and am my fathers care taker and Power of Attorney. My father is now under medicaid and hospice care.

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Lev

Retired

Bachelor's Degree Equivalent

24,870 satisfied customers
We're having a problem with an IRA rollover that was rolled

We're having a problem with an IRA rollover that was rolled over to another IRA account. The bank sent us 1099R which we never touched the money it was sent to the other financial institution. So is there a way we can correct this so we don't have to show as income.JA: What state are you in? It matters because laws vary by location.Customer: TexasJA: Has anything been filed or reported?Customer: Not yet. We took it to someone and they said it would have to be turned in as income so we didn't file yet.JA: Anything else you want the lawyer to know before I connect you?Customer: No

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,456 satisfied customers
I have been filing my taxes with my wife as married filing

I have been filing my taxes with my wife as married filing jointly. Our combined incomes are approximately $177K. According to the data I am reading, once you income exceeds $150K there is no offset for expense or "loss" related to rental properties. I am considering filing married with separate returns to see if that will reduce tax liability. Do I need to incorporate the rental property tax data with just one spouse?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I just need to know if the rental property should be filed with just one spouse so that we are not perceived as attempting to take deductions twice.

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ABC Accounting Group

Bachelor's Degree

1,024 satisfied customers
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