It's a long list so I'll ask my standard question first ...
What do you think?
Affordable Care Act Provision
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Effective 2010 (or 2009)
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COD income exclusion for certain student loans (effective starting 2009)
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108(f)(4)
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10% excise tax on indoor tanning services (started July
1)
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5000B
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Small business health insurance credit [ACA includes
later changes such as a requirement starting in 2014 to obtain coverage
through the Small Business Health Options Program (SHOP)
Marketplace, and that the credit is only available for two consecutive
years.]
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45R
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Expanded dependent coverage exclusion for
employer-provided health plans until age 27
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105(b)
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Codification of economic substance doctrine
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6662
7701(o)
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Increase in adoption credit and exclusion increased;
refundable credit; temporary
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23
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Credit for Qualifying Therapeutic Discovery Projects
(2009 and 2010 only)
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48D
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Disclosure allowed for certain information to Health
and Human Services for the Premium Tax Credit and cost-sharing
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6103
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Effective 2011
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W-2 reporting of cost of employer-provided health
insurance (postponed for all employers for 2011 and indefinitely for
employers who issued less than 250 Forms W-2 in the prior year) [Notice 2010-69, Notice 2012-9, and IRS
website]
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6051(a)(14)
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SIMPLE cafeteria plans allowed for small businesses
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125(j)
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Restricted definition of “medicine” for certain savings
arrangements, such as for an Archer MSA
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220, 223
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Increased tax on distributions from HSA and Archer MSA
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223
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Annual fee on manufacturers and importers for certain
prescription drug sales [Form 8947, Report of Branded Prescription Drug
Information and Notice
2011-9]
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Reg. §51.2(d)
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Effective 2012
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Information reporting for payments of $600 or more made
to C corporations [repealed before effective, P.L. 112-9, 2/14/11]
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6041
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Fee on health plans to fund Patient-Centered Outcomes
Research Trust Fund ($1/year, increasing later)
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4375
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New requirements for §501(c)(3) hospitals
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501(c)(3)
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Effective 2013
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Increase in Hospital Insurance tax (additional 0.9%)
for high income individuals
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3101(b)
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New tax of 3.8% on unearned income of high income
individuals, estates and trusts (net investment income tax)
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1411
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Increase in medical expense deduction threshold to 10% of
AGI unless age 65 or older
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213
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Salary reduction contributions to health FSA capped at
$2,500 (adjusted for inflation after 2013)
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125(i)
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Limit on deduction of certain excessive employee
remuneration paid by certain health insurance providers
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162(m)(6)
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§139A, Federal subsidies for prescription drug
plans, changed as follows: “Gross
income shall not include any special subsidy payment received under section
1860D-22 of the Social Security Act.
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139A
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2.3% excise tax on sales of certain medical devices [moratorium for 2016 and 2017 per P.L. 114-113
(12/18/15)]
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4191
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Effective 2014
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Small business health insurance credit must be offered
through SHOP (exchange)
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45R(g)(3)
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Premium Tax Credit (PTC) available to individuals who
obtain coverage on an exchange and meet other eligibility criteria. [Supreme Court holds that individuals in a
state without an exchange are eligible for a PTC on the federal exchange.
Effect is that individuals in states without an exchange and without coverage
must factor in hypothetical PTC to determine if they meet the unaffordability
exemption to the individual mandate (King v Burwell, No. 14-114
(6/25/15))]
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36B
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Individual mandate (penalty) applies if individual and
shared responsibility family does not have coverage and does not meet an
exemption [Supreme Court found this to be a permissible tax (National Federation of Independent
Business, et al v. Sebelius (6/28/12)]
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5000A
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Employer mandate (penalty) applies if applicable large
employer (ALE) does not offer coverage to full-time employees and their
dependents up to age 26 (and other provisions). [IRS delays effective date to
2015 and for 2015 provides additional transitional relief. Notice 2013-45 and blog
post of 7/2/13 of Assistant Treasury Secretary for Tax Policy Mark J.
Mazur.]
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4980H
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Information reporting by exchanges, insurance providers
and ALEs (Form 1095-A, 1095-B and 1095-C, respectively). [IRS make 1095-B and
1095-C reporting optional for 2014.]
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36B(f)(3)
6055
6056
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Certain types of health coverage reimbursement
arrangements (HRA) will fail the “market reforms” exposing the employer to a
penalty of $100/day/employee. [Notice 2013-54 and IRS
website] [In Notice
2015-17, IRS provided relief through 6/30/15; Congress provided relief
through 12/31/16 (P.L.
114-255 (12/13/16))]
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4980D
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Excise tax on certain health insurance providers
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Reg. 57.1, et
seq. (TD
9643 (11/29/13))
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Increase in estimated tax payments for large
corporations (assets of $1 billion or more) due in July, August, or September
2014
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6655
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Effective 2017
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Increase in medical expense deduction threshold to 10%
of AGI for individuals age 65 or older (applicable to other individuals
starting in 2013)
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213
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Qualified Small Employer Health Reimbursement
Arrangement allowed starting 1/1/17 [added by P.L.
114-255 (12/13/16))]
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9831(d)
6051(a)(15)
6652(o)
106(g)
36B(c)(4)
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Effective 2018
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Nondeductible 40% excise tax on high cost
employer-sponsored health coverage (“Cadillac” plans) [postponed to 2020 by P.L. 114-113
(12/18/15)]
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4980I
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Tax planning is a key to success for all type of business and it is carried out efficiently by accountants.
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