Taxes, Fees & Penalties in the Affordable Care Act A Guide for Tax Advisers to the 22 taxes, fees & penalties affecting individuals, businesses, and employers Who Should Read This Book? CPAs, tax attorneys, other tax advisers, and business consultants looking for a fairly comprehensive guide for each tax-related item of ObamaCare. Benefits of Reading This Book This book provides the reader with an understanding of how an Affordable Care Act tax issue may affect an individual or a business. It explains who may suffer financially, specifies the related calculations, and gives examples. You will learn the dates a tax, penalty or fee will go into effect or has gone into effect. You can follow the book’s sources of information to the text of legislation, related IRS rules and regulations, and other published government information. You can use this book as a guide for discussions with your clients. Learn about 8 items that will apply to many individual taxpayers Additional Medicare Tax for people with high incomes. 4 items negatively affecting individuals participating in Health Flexible Spending Arrangements. One item has been referred to as the Special Needs Kids Tax. The controversial Individual Mandate Tax, which officially is known as the Individual Shared Responsibility Payment. Reduction in the amount of medical expenses that can be deducted in an individual’s tax return. A new 3.8% tax on Net Investment Income for people with high incomes. Learn about 12 Items Directly Affecting Many Businesses & Employers Some items apply to almost all businesses. Some apply to specific industries. And some apply only to the health industry. The cost of most of the items will be passed on to consumers in one form or another. Of particular interest is the controversial Employer Mandate Tax, which officially is known as the Employer Shared Responsibility Payment. Of the many new requirements imposed by the Affordable Care Act on employers, none may be more important or costly than the employer shared responsibility payment statute. 2 Items Directly Affecting Both Individuals and Businesses Find out how the following 2 items may affect an individual or business: Application of the Economic Substance Doctrine Elimination of the Retiree Drug Subsidy Bonus Material – 2 Items Not Generating Revenue for the Government Small business health care tax credit – find out which small businesses qualify for this much-publicized tax credit. Reporting employer provided health coverage in Form W-2 – learn about the new requirement to report health coverage to employees and the IRS.
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