Posted on November 12, 2014 by -

Patient Protection and Affordable Care Act [HR 3590]
Health Care and Education Reconciliation Act of 2010 [HR 4872]

After several years and much debate, President Obama’s sweeping health reform law is still changing. While the primary purpose of this reform was to mandate that all U.S. residents obtain health insurance coverage, the laws created a host of tax credits and penalties on employers and taxpayers for failure to do so.

Note the effective date of each changed provision: April 2011 – The Form 1099 reporting requirements were repealed, reverting back to the rules prior to the new law, as if they were never enacted.

  • April 2011 – The “free choice” voucher provisions were repealed.
  • June 2012 – The Supreme Court upheld all tax provisions of the health care law – including the individual mandate. The Court ruled that it was unconstitutional for the federal government to impose penalties on states for refusing the expanded Medicare coverage.
  • February 2014 – Transitional relief for the health coverage tax for large employers with at least 50, but fewer than 100 employees was extended until 2016, under TD 9655.

More changes are still to come ….  Check back with U S Tax Solutions often for tax news and updates!