Thomson Reuters Checkpoint Releases Updated Report on Tax Changes in US Health Care Reform
- Increase in employee's share of FICA for income over $250,000.
- Surtax on unearned income of higher-income individuals.
- Higher threshold for deducting medical expenses.
- Dollar cap on contributions to health flexible spending accounts.
- Deduction limited for retiree drug coverage.
- Fee on health insurance issuers and plan sponsors for comparative clinical effectiveness research.
- $500,000 compensation deduction limit for health insurance issuers.
- Information reporting on health coverage by insurers and employers.
- Excise tax on medical device manufacturers.
- Individual penalty for not carrying health insurance.
- Refundable tax credit for low- or moderate-income families buying certain health care insurance.
- Definitions of qualified health plans, qualified employers, and exchanges.
- Excise tax on health insurance providers.
- Penalty for larger employer not offering affordable, minimum value health coverage.
- Excise tax that applies to high-cost employer-provided health insurance coverage.
Thomson Reuters also offers guidance and training on the health care reform, including:
- For guidance, visit: ACA Decision Support Tool , PPC's Guide to Health Care Reform , and EBIA Health Care Reform for Employers and Advisors .
- For training, visit: 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 report .
The report is an example of the practical, insightful information available on Thomson Reuters Checkpoint , providing research, news, analysis, and productivity tools to tax, audit, accounting, legal, trade, and finance professionals.
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