Health Care Act: Tax implications for 2013 and beyond require planning and preparation now


The U.S. Supreme Court ruling earlier this year has drawn attention to the Patient Protection and Affordable Care Act of 2010. The act includes some significant tax-related provisions affecting individuals that are scheduled to take effect in 2013 and 2014, unless Congress repeals them or takes other action. In addition, businesses face a variety of tax-related compliance requirements under the act, though certain small businesses may be eligible for a tax-saving opportunity. What both individuals and businesses need to do now is plan and prepare.

Individuals -

The health care act’s tax provisions combined with other scheduled tax increases mean that many taxpayers should consider taking certain steps before year end to help minimize the impact.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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