Archive for the ‘tax changes’ Category

Increase in Small Businesses Tax Credit

Beginning in 2014, the full tax credit will cover 50 percent of the employer premium contribution. Tax credits will be available for up to a two-year period for small businesses with fewer than 25 employees and with average wages under $50,000, to offset the cost of their premiums. The full credit will...
July 9th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

Requires W-2s to include health benefits

Requires all employers to include on W-2s the aggregate cost of employer-sponsored health benefits for informational purposes only. If employee receives health insurance coverage under multiple plans, the employer must disclose the aggregate value of all such health coverage, but exclude all contributions...
July 9th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

Excise Tax on High-Cost Insurance Plans

Excise Tax on High-Cost Insurance Plans—Tax Years Beginning 2018 or Later. Insurers will face a 40 percent excise tax on health coverage with premiums in excess of $10,200 for an individual or $27,500 for family coverage. These thresholds are increased to $11,850 for individuals or $30,950 for families...
July 9th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

Small business health insurance tax

An annual fee on health insurance providers will be passed on to consumers. This tax will fall on the vast majority of plans that small businesses purchase, but not on self-insured plans (such as most big business and labor union policies). The fee is $8 billion for 2014, $11.3 billion for 2015 and 2016,...
July 9th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

Tax Relief for Health Professionals with State Loan Repayment

Exclude from gross income payments made under any state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health care services in underserved or health professional shortage areas. This provision is effective for amounts received by an individual...
July 9th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

Conformed Definition of Medical Expenses

Conformed Definition of Medical Expenses—Tax Years Beginning 2011 or Later. In 2011, the definition of medical expenses for the itemized medical expenses deduction will be extended to apply to health savings accounts, Archer Medical Savings Accounts (MSAs), health flexible spending arrangements, and...
July 9th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

Insurer Administrative Simplification Requirements

Health plans must adopt and implement administrative simplification standards for the electronic exchange of health information to reduce paperwork and administrative burdens and costs.
July 9th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

Brand-name drug tax

Brand-name drug tax: Manufacturers and importers of brand-name drugs will pay a tax of $2.5 billion in 2011, $3.0 billion per year for 2012 through 2016, $3.5 billion for 2017, $4.2 billion for 2018, and $2.8 billion for 2019 and thereafter. Source: NFIB
July 7th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

HSA & FSA limits

HSA & FSA limits: Consumers are prohibited from using HSA and FSA funds to purchase non-prescribed items, including over-the-counter medication (except insulin) Source: NFIB
July 7th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

HSA penalty

HSA penalty: The penalty for using HSAs for non-qualified purchases increases to 20%. Source: NFIB, NAHU
July 7th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

W-2 reporting

W-2 reporting: Employers will be required to report employees’ health benefits on W-2s. Source: NFIB, NAHU
July 7th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More
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