Archives for Health

More COVID-19 Financial News Updates, Aid Packages + Governmental Relief Programs

I sincerely hope you and your family are remaining healthy and safe despite the coronavirus’s continued spread. The “new normal” — homeschooling your children, working from a laptop in the corner of your family room + only venturing out for a jog or quick trip the grocery store — is a BIG adjustment. But hopefully, you’re settling into a rhythm. In the meantime, as I predicted, the flood of new information surrounding the coronavirus crisis
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The Tax Consolidation Act of 2020 Promises to “Extend” Tax Savings in the Coming Fiscal Year

Squeezed in just under the wire late last December, alongside the annual government spending bill, The Tax Consolidation Act of 2020 further chips away at Obama Care tax consequences, offers some new tax-savings, and includes extensions on several money-saving tax deductions. More Obama Care Repeals Three key tenets of the Affordable Care Act (ACA — AKA “Obama Care”) were repealed in the Tax Consolidation Act, including: The “Healthcare Tax” has been nixed (California, however, has
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California Establishes An Individual Mandate for Health Insurance Coverage

The Affordable Care Act (ACA) – AKA Obama Care – has yet to be totally repealed. And it’s more likely to be replaced rather than canceled without a credible alternative in place. But several key elements of the program have been excised since the Trump Administration won the White House in 2016. This includes removing the penalty for failing to purchase health insurance. The “Individual Mandate,” as it was originally known, required every citizen to
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Tax Reform Highlights – Individual Provisions

Although some have criticized the process, priorities, and policies used in the formulation of this major tax system overhaul, we in the tax and accounting industry anticipated action. After several iterations, we finally got our wish for something—anything—in concrete so that we could get tax plans in place before year end and have answers to the many questions that our clients are asking about what tax reform does to their 2018 tax bill. On December
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Patient Protection and Affordable Care Act (PPACA)

Patiently waiting, the PPACA has now passed muster with the Supreme Court.  Only 2 provisions were changed. The provision on penalty for PPACA for the individual mandate (all individuals must have health insurance) is now called a “tax” under Congress’s power to levy taxes.  Also states that opt out of Medicaid provisions, may not be mandated to follow-thru on the mandated Medicaid rules.  In essence, if these states don’t want to burden of administering the
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