Every American taxpayer will be affected by President Obama's signature health care bill (i.e., Patient Protection and Affordable Care Act (PPACA) of 2010. The PPACA contains numerous income tax provisions already in effect today and many more coming in 2014 and later. This course will concentrate on the Federal income tax issuesof the health care bill affecting both individuals and businesses.
Participants will:
- Walk away with an understanding of the complex Federal income tax provisions of the health care bill impacting most individuals and businesses
- Gain a broad background of the comprehensive law and newly enacted IRS regulations and procedures
Objectives:
- Extensive review of the health care bill income tax provisions with an emphasis on newly enacted regulations, revenue procedures and notices issued by the IRS
- Receive the most up-to-date comprehensive reference manual on the Federal income tax provisions of the health care bill. Topics include but are not limited to:
- The NEW 2014 IRC 5000A shared responsibility payment penalty (i.e., individual health insurance mandate)
- The NEW 2014 IRC 36B premium assistance credit
- The delayed (until 2015) IRC 4980H shared responsibility excise tax penalty for large employer (i.e., more than 50 employees)
- 3.8% net investment income tax (IRC 1411)
- Additional 0.9% Medicare tax on high income wages & self- employment income
- New group health plan nondiscrimination requirements
- NEW 2014 offering of exchange-participating qualified health plans through a 125 cafeteria plan
-Exclusion from income for health insurance and medical reimbursements for children under age 27
- Limitations on health flexible spending arrangements (FSAs) and other medical reimbursement plans
-Small business health insurance credit
- SIMPLE Cafeteria plans
- Required employer and insurer reporting of health insurance coverage (i.e., information returns)
- Annual patient-centered outcomes research institute (PCORI) fees for self-insured health plans
- Taxable medical device 2.3% excise tax
- Excise tax on high cost employer-sponsored health coverage (i.e., Cadillac Plans)
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