Many provisions of the Patient Protection and Affordable Care Act of 2010 have recently gone into effect, and some significant provisions will do so in 2014 and 2015. To help individuals and families, employers (both large and small), and other organizations learn more about how they’ll be affected, the IRS has launched a new website: IRS.gov/aca. The site offers information on the tax benefits and responsibilities for various groups, such as:
- Individuals and families — new additional Medicare taxes, changes to the itemized medical expense deduction and open enrollment for the Health Insurance Marketplace
- Employers — determining whether you’re a large or small employer, shared responsibility payments for large employers, and the small business health care tax credit
- Other organizations — tax provisions for insurers, certain other business types and tax-exempt and government organizations
While the new website provides substantial information on tax-related provisions of the health care act, it’s no substitute for professional advice. So please contact us for more information on how you can take advantage of any benefits available to you and minimize any negative tax consequences.