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Thomson Reuters- President Obama’s signature on the Health Care and Education Reconciliation Act of 2010 completed a massive overhaul of the U.S. health care system that was started with the enactment of the Patient Protection and Affordable Care Act, which contained the bulk of the health reform law. The sweeping changes in these two new laws affect nearly all taxpayers, many employers, and many elements of the health care industry.
The centerpiece of the health care reform legislation is the mandate for most residents of the U.S. to obtain health insurance. This mandate carries with it a host of new tax rules, such as new penalties for individuals who choose to remain uninsured, tax credits, and other sweeteners for participating in new insurance coverage, and new penalties for larger employers that don’t provide insurance (or provide coverage deemed inadequate or unaffordable).
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Topics that were covered include:
Which employers are affected?
Which employees are considered?
How is the tax calculated, assessed, and reported?
What are the salient aspects of the tax and health insurance to address?