The Patient Protection and Affordable Care Act and related Health Care and Education Reconciliation Act contain a lot of tax changes and filing requirements that will be implemented over the next several years.

A review of the changes follow.

2011 Changes

1. Employers must report the value of the employer provided insurance on employees annual W-2

2012 changes

1. There will be a new 1099 reporting requirement for business payments to corporations. A business that pays $600 or more in a calender year to a corporation must supply the corporation with a Form 1099 and file a copy with the IRS. Prior to this bill, payments to corporations were exempt. There is a lot of buzz around this change and it could be modified before implementation. Stay Tuned!

2013 Changes

1. Additional .9% Medicare Tax on Earned Income charges on Salary and\or SE income above $200,000 for single, $250,000 for married couples combined salary
2. Additional 3.8% Medicare Tax on  Net Investment Income for High Income Earners

These types of changes will be the rule over the next few years. Be sure you keep up with what is going on!

This entry was posted on Monday, July 26th, 2010 at 10:49 am by dwayne and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.