Archive for the ‘tax changes’ Category

The Future of ACES-Alaska’s Oil Tax

If you haven’t been oversaturated with the discussions on development of Alaska’s oil resources and the taxing of that resource, then you have a splendid opportunity to learn more from both sides of the argument. Is Alaska’s tax structure on oil too progressive and thus limiting production...
January 10th, 2012 | Energy, tax changes | Read More

Film Tax Credits in Other States-Folly or Not?

We have heard much about Alaska’s film tax credit incentive and whether or not it benefits the State as a whole or only special interests. Forty states offered similar tax credits in 2010. Many of these states have now abandoned these credits because they do not create the promised jobs for their...
November 29th, 2011 | Fiscal Policy, Policy, 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

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

Impose new tax on insurers with high value plans

Impose an excise tax on insurers of employer-sponsored health plans with aggregate values that exceed $10,200 for individual coverage and $27,500 for family coverage. (Effective January 1, 2018) Source: Kaiser Family Foundation
July 7th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

New tax on medical device manufaturers

New excise tax on medical device manufacturers equal to 2.3 percent of the price for which the medical device is sold. The tax will not apply to eyeglasses, contact lenses, hearing aids, and any other device deemed by the Secretary of DHHS to be of the type available for regular retail purposes. Source:...
July 6th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

HI and Medicare contribution tax

Beginning in 2013, additional 0.9 percentage Medicare Hospital Insurance tax (HI tax) on self-employed individuals and employees with respect to earnings and wages received during the year above $200,000 for individuals and above $250,000 for joint filers (not indexed). Does not change employer HI tax...
July 6th, 2010 | Medicare/Medicaid, National Health Care Reform Legislation, Uncategorized, tax changes | Read More

Unreimbursed medical expenses threshold increased

The threshold for the itemized deduction for unreimbursed medical expenses would be increased from 7.5% of AGI to 10% of AGI for regular tax purposes. The increase would be waived for individuals age 65 and older for tax years 2013 through 2016 (Effective January 1, 2013). Source: NAHU
July 6th, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More

Extended reporting on payments and income required

Expands obligation of persons engaged in a trade or business to report on payments of other fixed and determinable income or compensation. Extends reporting to include payments made to corporations other than corporations exempt from income tax under section 501(a). Also expands the kinds of payments...
July 6th, 2010 | National Health Care Reform Legislation, Uncategorized, requirements, tax changes | Read More

Exlcude reimbursment for unprescibed over-the-counter drugs

Exclude the costs for over-the-counter drugs not prescribed by a doctor from being reimbursed through an HRA or health FSA and from being reimbursed on a tax-free basis through an HSA or Archer Medical Savings Account. Source: Kaiser Family Foundation
July 1st, 2010 | National Health Care Reform Legislation, Uncategorized, tax changes | Read More