FF&F News & Events


Health Care Mandate

IRS steps up guidance under Health Care Law as 2014 mandates loom

The government continues to push out guidance under the new health care law, also known as the Patient Protection and Affordable Care Act (PPACA). Several major provisions of the law take effect January 1, 2014, including the employer mandate, the individual mandate, the premium assistance tax credit, and the operation of health insurance exchanges.

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Affordable Care Act

New IRS guidance on health care employer mandate looks to 2014 start date

Under the new health care law, starting in 2014, “large” employers with more than 50 full-time employees will be subject to stiff monetary penalties if they do not provide affordable and minimum essential health coverage. With less than eleven months before this “play or pay” provision is fully effective, the IRS continues to release critical details on what constitutes an “applicable large employer,” “full-time employee,” “affordable coverage,” and “minimum health coverage.”

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Congress

Major Provisions of the American Taxpayer Relief Act of 2012

On January 2, 2013 President Obama signed into law the American Taxpayer Relief Act of 2012.  While the new law increases the top marginal income tax rate for individuals earning up to $400,000 (up to $450,000 for joint filers) to 39.6%, it allowed the United States to avoid going over the so called “fiscal cliff” which would have required across-the-board increases to all tax brackets and mandatory spending cuts.

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News_Medicare

Additional 0.9 percent Medicare tax on wages starts January 1st

President Obama’s health care package enacted two new taxes that take effect January 1, 2013. One of these taxes is the additional 0.9 percent Medicare tax on earned income; the other is the 3.8 percent tax on net investment income. The 0.9 percent tax applies to individuals; it does not apply to corporations, trusts or estates. The 0.9 percent tax applies to wages, other compensation, and self-employment income that exceed specified thresholds.

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