Navigation Links
CCH Issues Briefing on Tax Provisions of Health Care Reform Legislation
Date:3/22/2010

RIVERWOODS, Ill., March 22 /PRNewswire/ -- CCH has issued a Special Tax Briefing to explain the final tax provisions of health care reform legislation. With the passage of the Patient Protection and Affordable Care Act and a companion Health Care and Education Tax Credits Reconciliation Act in the House, the stage is set for Senate concurrence through a simple majority vote and signing by the president to wind up the long legislative path to health care reform. To read the Briefing, click here.

"It is certain that the IRS will play a large role in broadening insurance coverage through tax incentives and penalties on the one hand, and on the other hand collecting new taxes to pay part of the costs," said CCH Principal Federal Tax Analyst Mark Luscombe, JD, LLM, CPA.

The bill contains an excise tax on "Cadillac" insurance plans – those with more generous benefits and higher premiums than typical plans – an excise tax on medical devices, "industry fees" on various health-related industries and a Medicare surtax of .9 percent on wages and 3.8 percent on investment income for individuals with adjusted gross incomes over $200,000 for an individual, $250,000 for couples. Except for seniors, it raises the threshold for the itemized medical deduction from 7.5 percent of adjusted gross income to 10 percent. Beginning in 2013, it will limit contributions to tax-advantaged flexible spending accounts for health expenses.

"The bill aims to broaden coverage, with individual and employer mandates, and those mandates are backed up by using the IRS to assess payments on individuals who choose to remain uninsured and employers who choose not to offer group health plans," Luscombe said.

Other revenue raisers include closing a loophole related to biofuel production, codification of the economic substance doctrine and an adjustment to corporate estimated tax payments in 2014.

CCH Tax Briefings

To read the CCH Special Tax Briefing on health care reform, click here. Timely, current analysis of other tax legislation can be found at CCH Tax Legislation Coverage.

CCH Analysts

CCH analysts are available to discuss the tax, employee benefits and Medicare/Medicaid aspects of health care reform. Please contact: Neil Allen (847-267-2179 or neil.allen@wolterskluwer.com); or Brenda Au (847-267-2046 or brenda.au@wolterskluwer.com).

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, accounting and audit information, software and services. CCH is based in Riverwoods, Ill. Wolters Kluwer is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

SOURCE CCH, a Wolters Kluwer business

Back to top

RELATED LINKS
http://CCHGroup.com

'/>"/>

SOURCE CCH, a Wolters Kluwer business
Copyright©2010 PR Newswire.
All rights reserved

Related medicine news :

1. FDA Issues Guidance to Help Streamline Medical Device Clinical Trials
2. Older female cancer survivors have added health issues compared to their counterparts
3. NVHR Issues Challenge to Administration, Congress: Dont Leave 5 Million Americans Afflicted with Chronic Viral Hepatitis Out in the Cold with Budget Freeze
4. Operation Rescues Advisory Board Issues Statement on Mr. Terrys Extremism
5. Greenfaith Ministry Calls on Churches & Doctors, to Address all Cannabis Issues and Regulation
6. School Support Lacking for Emotional, Behavioral Issues, say Parents
7. Cohen Independent Research Group Issues a Buy Rating With a Target Price of $2.48 for VHGI; 8K filed regarding $50,000,000.00 Treasure Gulch Gold Reserves
8. APS Healthcare Issues First Award to South Carolina Providers Using Data to Increase Effectiveness of Mental Health Treatment
9. Natural Products Association Issues Statement on DEAs Steroid Classification Action
10. Half of U.S. Kids With Mental Issues Are Getting Help
11. Natural Products Association Issues Statement on New Supplement Safety Campaign
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/27/2017)... ... July 28, 2017 , ... ... upcoming episode of the award-winning television series, American Famer, scheduled to broadcast fourth ... , Syngenta is dedicated to helping humanity face its toughest challenge: how to ...
(Date:7/27/2017)... ... July 27, 2017 , ... MEDsys Software Solutions, the ... Care Organizations and Home Care Agencies, has been awarded CIO Applications Magazine’s Top ... solutions to over 1,000 agencies and multiple State Medicaid and Managed Care Programs. ...
(Date:7/27/2017)... ... July 27, 2017 , ... GAFFEY Healthcare, a leading provider ... Clinkscales to Vice President of Revenue Cycle Business Services and Suzanne Dusak to ... chief executive officer (CEO). , Elrene has been with company since Oct 2014 ...
(Date:7/27/2017)... ... 27, 2017 , ... Healthy eating isn’t always easy. Currently, more than 80 percent of Americans ... Americans overeat refined grains and sugar. This trend may help explain why the obesity rate ... are obese. , As a culture, we seem to have food on the brain more. ...
(Date:7/27/2017)... ... July 27, 2017 , ... ... compete to form startup companies around 117 breakthrough inventions from 55 institutions, including ... Institute, and National Institute of Biomedical Imaging and Bioengineering), the United States Army, ...
Breaking Medicine News(10 mins):
(Date:7/11/2017)... of Echenberg Institute, is announcing a new safe and effective at-home VuVa ... other painful pelvic pain conditions such as pelvic floor dysfunction, vulvodynia, vulvar ... ... VuVa ... company, VuVatech LLC, fills a void in the women,s wellness market because ...
(Date:7/10/2017)... , July 10, 2017  US medical equipment ... in 2021, according to Medical Equipment & ... by Freedonia Focus Reports. Continued increases in demand for ... aging of the population and supported by gains in ... equipment and supplies. New product introductions will also drive ...
(Date:7/10/2017)... S.C. , July 10, 2017  BDI ... purchasing and patient support services organization serving specialty ... today the launch of four significant, value-added member ... market insights, better manage reimbursement and improve access ... and factor therapies. ...
Breaking Medicine Technology: