Brace for the new health care law changes now and later

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in Employee Benefits Program,Human Resources,Small Business Tax,Small Business Tax Deduction Strategies

The new health care reform law finalized on March 25—the Patient Protection and Affordable Care Act—includes sweeping changes for both employers and individuals.

Alert: Although some new-law provisions take effect right away, most are prospective. But even future changes can affect tax planning this year.

At its core, the new legislation requires individuals to obtain health care coverage or pay penalties. If an employer doesn’t provide coverage to its employees, it may be subject to an additional tax (but certain small businesses are exempt). Individuals and small businesses will be able to obtain coverage from state-based group health plans as well as private plans. Both employers and employees may benefit from “grandfather” provisions in the law.

In addition, the new health care law imposes extra taxes on wages and investment income of high-income taxpayers, increases the limit for the medical expense deduction and includ...(register to read more)

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