Health care costs continue to be in the news and on everyone’s mind. As a result, tax-friendly ways to pay for these expenses are very much in play for many people.
The three primary players, so to speak, are Health Savings Accounts (HSAs), Flexible Spending Arrangements (FSAs) and Health Reimbursement Arrangements (HRAs). (more…)
The IRS continues to offer guidance to flesh out the specifics of the individual shared responsibility requirement and the premium assistance tax credit under the Affordable Care Act. (more…)
The Affordable Care Act (ACA) imposed an excise tax on the sale of certain medical devices by the manufacturer or importer of the device. The tax is 2.3 percent. Under the ACA, the excise tax was effective for the sale of medical devices after December 31, 2012. The tax is now under a two year moratorium. (more…)
Yes …but only if it is a medical necessity. The IRS has ruled that uncompensated amounts paid to participate in a weight-loss program as treatment for a specific disease or diseases (including obesity) diagnosed by a physician are deductible expenses for medical care. The deduction is subject to the limitations of Code Sec. 213 and its regulations. (more…)
As the 2016 filing season gets underway, many individuals will be receiving new information returns from their employers and/or health insurance providers. The information returns reflect new reporting requirements put in place by the Affordable Care Act. Some taxpayers will need to wait to file their returns until they receive their information returns, but most taxpayers will not. (more…)
Small businesses received some welcomed news in October with passage of the Protecting Affordable Coverage for Employees (PACE) Act. The new law revises the definition of small employer for purposes of market reforms under the Affordable Care Act (ACA). The PACE Act is intended to help protect small businesses from potential health care premium increases. (more…)