Health Reform and Taxes

HBS Tax Preparation Services

The election is over.  America has decided.  The Affordable Care Act remains and will soon alter the shape of American health care.  Those who have taken a wait-and-see attitude regarding the law’s post-election viability are scrambling to parse its 2,400 pages and learning two important facts.  First, if everything runs smoothly, many more Americans will have health insurance coverage.  Second, the Affordable Care Act places the Internal Revenue Service smack-dab in the center of health care reform. 

The Affordable Care Act contains over forty tax-related provisions.  Some provisions, such as the Small Employer Health Insurance Credit (enacted in 2010) entice employers to provide insurance to their employees.  Others penalize taxpayers who have not purchased insurance and larger employers who do not offer health coverage to their employees. 

Although no final Treasury regulations have been released, the certainty of change and the new years’ quick approach have inspired the devotion of today’s column to revisiting some health reform tax changes readers can expect in 2013 and 2014.

2013:

2014

This article has highlighted a few tax changes required by the Affordable Care Act in 2013 and 2014.  This article (or any article) should not be relied upon to make tax or financial decisions.  If you would like assistance wading through these new health reform tax regulations, please feel free to contact our office.

Brett Hersh's avatar
  • Author: Brett Hersh
  • Bio: Brett Hersh, EA, MBA, is the owner of HBS TAX & Small Business Experts. He is an Enrolled Agent (EA) with the IRS and licensed by the US Treasury Department to prepare all tax returns and represent taxpayers before the IRS for audits, collections and appeals. He is also Dave Ramsey’s ELP for Tax and Accounting, a continuing education instructor for tax professionals through Lorman Education, and a local speaker/presenter on the topics of tax and business growth. He can be reached at (304) 267-2594.