Archives For Patient Protection and Affordable Care Act

OB-TQ981_taxrep_P_20120706123313It’s hard to keep all the new Obamacare taxes straight, but there’s one that some couples won’t see until they file their 2013 taxes next April, and bizarrely it could mean a surprise tax bill or a refund. It’s the 0.9% Medicare surtax on wages and self-employment income (not to be confused with the separate new 3.8% net investment tax on capital gains, dividends and passive income). Continue Reading…

PLANNING FOR BUSINESSES [Part 7/7]

Renewable Resources Credit

ATRA modified the Code Sec. 45 renewable electricity production tax credit for electricity produced from wind and other qualified facilities. ATRA replaced certain placed-inservice deadlines with new deadlines and revised certain definitions, including the term “municipal solid waste.” The amount of the credit varies depending on the type of technology. Continue Reading…

PLANNING FOR INDIVIDUALS [Part 4/7]

Same-Sex Marriage

On June 26, 2013, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act in E.S. Windsor, 2013-1 ustc 50,400. The Court held that Section 3, which had defined marriage for federal purposes as the union of one man and one woman, was unconstitutional. Subsequently, the IRS announced a general rule in Rev. Rul. 2013-17 recognizing same-sex marriages nationwide. Continue Reading…

PLANNING FOR INDIVIDUALS [Part 2/7]

Surtax On Net Investment Income (NII)

Starting in 2013, higher-income taxpayers may be liable for a 3.8 percent NII surtax. The NII surtax on individuals equals 3.8 percent of the lesser of: Continue Reading…

Year-end 2013 brings many new planning opportunities along with the traditional year-end tax planning strategies. It also brings challenges for both individuals and businesses.

There is much for taxpayers and their tax advisors to consider in taking action before 2013 ends, including the important changes made by the American Taxpayer Relief Act of 2012 (ATRA) (signed into law on January 2, 2013), the provisions in the Patient Protection and Affordable Care Act of 2010 (Affordable Care Act) (scheduled to take effect in 2013, 2014) the Supreme Court’s decision on same-sex marriage and the release of significant new IRS rules on many pressing issues.

There is also the prospect of comprehensive tax reform in 2014, which will require some “crystal ball” forecasting of what Congress may or may not do in the coming year. On top of everything, the IRS shutdown in October could delay the start of the 2014 filing season, although the long-term effects have yet to be determined.

This week-long CCH briefing explores some of the 2013 year-end planning opportunities available to taxpayers, especially as the result of provisions that are new-for-2013 and those that at the moment are scheduled to expire after 2013. Continue Reading…

Amid all of the bad ideas floated by House Republicans during the shutdown fight, one seemed to actually be pretty good: repealing the medical device tax.

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Starting on October 1st, provisions of the Patient Protection and Affordable Care Act, or Obamacare, will go into action. While the government may effectively “shut down” due to Congress’ failure to compromise over the issue, the IRS has nonetheless provided us with some useful information regarding ways in which these new provisions will affect our taxes. Here are some factors to consider going forward through the rest of 2013, and looking ahead to 2014: Continue Reading…

Beginning Jan. 1, 2014 the Affordable Care Act (ACA) will come into full effect. While parts of the law are already in place, 2014 will bring in a whole new set of changes, including dozens of tax provisions, that can be difficult to understand. Thanks to the folks at Block Talk, we’re posting a series of infographics that make it easier to understand the 1,000-plus page ACA.

Below you’ll find a graphic summary of the healthcare exchange programs including how your state is handling them and where to go for more information.

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Beginning Jan. 2014 all Americans will be required to enroll in a healthcare plan that maintains minimum essential coverage or pay a penalty (legally defined as a tax given the Supreme Court’s ruling). To offset the financial burden of maintaining coverage, the Patient Protection and Affordable Care Act (PPACA) provides tax subsidies – the premium assistance subsidy and cost-sharing subsidy – to qualifying individuals and families at or below 400% of the federal poverty level (FPL). It also extends Medicaid coverage to individuals and families at or below 138% of the FPL, up from 100%.

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