On 3/21/10, the House passed the Patient Protection and Affordable Care Act, which was passed by the Senate on 12/24/09, and a separate package of modifications (the Reconciliation Act), which must go the Senate for approval. [For the Joint Committee on Taxation's technical explanation of the legislation (JCX-18-10), go to www.jct.gov/publications.html .] Some of the major provisions along with their effective dates include a requirement that individuals either obtain health insurance or pay a penalty (2014); a penalty on certain employers that do not offer health insurance (2014); Medicare tax increases on high income individuals (2013); an excise tax on "Cadillac" group health plans (per reconciliation agreement—2018); fees on health insurance providers (per reconciliation agreement—2014); fees on drug manufacturers and importers (per reconciliation agreement—2011) and medical device manufacturers and importers (per reconciliation agreement— 2013); raising the itemized deduction limits for medical expenses to 10% if age 65 and under (2013); and limiting salary contributions to flexible spending arrangements to $2,500 (2013).
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About Reed Tinsley, CPA
As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →