On March 30, 2010, President Obama signed into law the Health Care and Education Reconciliation Act of 2010 which supplements the Patient Protection and Affordable Care Act which was signed into law on March 23, 2010 (together, the “Act”). The Act codifies the common law “economic substance doctrine” for transactions entered into after March 30, 2010, expands the Medicare taxes on high income earners as from January 1, 2013, and imposes information reporting requirements on certain payments made to corporations after December 31, 2011.
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