Thomson Reuters has released an updated special report on the tax changes in the Affordable Care Act, which have become more relevant now that the health insurance exchanges have opened for business in many states, despite the technical glitches on the federal site.
The special report, Tax Changes in Health Care Reform Legislation, is designed to help tax practitioners understand the tax provisions of health care reform that are taking effect.
“2014 will be a critical year for practitioners advising their business and individual clients on the impact of health care reform,” said Thomas Long, a senior tax analyst at Thomson Reuters who authored the report. “Thousands of pages of complex regulations have already been published; and more regulations are on the way to fully implement the law.”
The report, which is available for download at no cost, covers topics such as the increase in the employee’s share of FICA contributions for income over $250,000, the surtax on unearned income of higher-income individuals and the higher threshold for deducting medical expenses. The report also covers the dollar cap on contributions to health flexible spending accounts, information reporting on health coverage by insurers and employers, the individual penalty for not carrying health insurance, and the penalty for larger employers who don’t offer affordable, minimum-value health insurance coverage. Also in the report is information on the refundable tax credit for low- and moderate-income families who buy health insurance, and the excise taxes on health insurance providers, medical device manufacturers and high-end employer-provided health insurance plans.
Besides the special report, Thomson Reuters offers additional guidance on the health care reform law, including the ACA Decision Support Tool, PPC’s Guide to Health Care Reform, and EBIA Health Care Reform for Employers and Advisors. The company also offers online training in Understanding Health Care Reform – How the New Laws Impact Employers and Individual Taxpayers, Affordable Care Act: Understanding the New Medicare Taxes, and Net Investment Income Tax. A complete list of resources is available in the special report.