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IRS Offers 7 Tax Tips on Health Care Credit

The Obama administration is relying on various federal agencies and organizations to help implement the complex rules under the Patient Protection and Affordable Care Act (PPACA), the comprehensive health care legislation otherwise known as “Obamacare.” Naturally, the IRS is expected to play a major role, including enforcement of the penalties for failing to obtain minimum coverage and imposition of the 3.8% Medicare surtax on “net investment income” (NII) for certain upper-income investors.

Ken Berry, JD

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New Obamacare Rules Let Existing Health Insurance Plans Continue Until 2016

On March 5, the government released a second set of comprehensive regulations relating to the controversial health care legislation. Previously, regulations had extended the employer mandate for certain mid-sized firms by one year to January 1, 2016, while all responsible firms had benefited from a prior one-year delay. Now, following an earlier reprieve, the grace period for individual policies that don’t meet the law’s requirements has been extended by two years, to October 1, 2016.

Ken Berry, JD