Archive for April, 2010

Tax Changes Affecting Small Businesses in the Health Reform Legislation

Friday, April 9th, 2010

For owners of small businesses and their workers, the recently enacted health reform legislation has some key provisions to pay attention to. The major ones include: tax credits; excise taxes; and penalties. But whether a business will be affected by them depends on a variety of factors, such as the number of employees the business [...]

Key Tax Changes Affecting Individuals in the Health Reform Legislation

Wednesday, April 7th, 2010

Individual mandate. The new law contains an “individual mandate”—a requirement that U.S. citizens and legal residents have qualifying health coverage or be subject to a tax penalty after 2013. Under the new law, those without qualifying health coverage will pay a tax penalty of the greater of: (a) $695 per year, up to a maximum [...]