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October 22nd, 2012

Health Care Reform: What the Employer Mandate Means

  The U.S. Supreme Court announced its long-awaited decision on June 28 upholding key provisions of the Patient Protection and Affordable Care Act (ACA) that impact employers, health care providers, insurance companies and individual taxpayers. The Court’s decision means that ACA’s implementation will proceed and should serve as a wake-up call to those employers that […]

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November 9th, 2011

IRS ANNOUNCEMENT

IRS Allows Bonus Deduction even if who finally gets the bonuses is not known when the deduction is declared. An IRS ruling allows an employer using an accrual method of accounting to take a deduction in the current year for a fixed amount of bonuses payable to a group of employees, even though the employer […]

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June 23rd, 2011

IRS Announcement

The IRS has announced that effective July 1, 2011, the business standard mileage rate will increase from .51 cents to .55.5 cents per mile. (announcement 2011-40).

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February 2nd, 2011

General Tax Legislation

On Thursday, December 16, 2010, the President signed into law the most recent tax legislation “The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The following summarizes what we believe to be the most significant provisions of the plan. Ordinary Income Tax Rates – Those rates which have been in effect since […]

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February 2nd, 2011

Re: Patient Protection and Affordable Care Act: Individuals

The Patient Protection and Affordable Care (PPAC) Act, as amended by the Health Care and Education Reconciliation Act of 2010 (Reconciliation Act), was enacted to provide quality, affordable health care for all Americans. Although the primary thrust of the PPAC Act is health insurance reform, the tax law plays a key role in implementing that […]

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February 2nd, 2011

The Patient Protection and Affordable Care Act

(Summary of tax provisions) Premium Assistance Credit The act provides for refundable tax credits that eligible taxpayers can use to help cover the cost of health insurance premiums for individuals and families who purchase health insurance through a state health benefit exchange (which each state is required to establish under section 1311 of the act). […]

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February 2nd, 2011

Dealing with Health Care Reform’s New Tax Laws: The Health Care and Education Reconciliation Act of 2010

Now that Congress has passed landmark health care reform package, much work needs to be done in dealing with new requirements. While the end result of the legislative process is necessarily health care related, the tax law plays a major role in its implementation. From the tax credits and subsidies used to expand health coverage, […]

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