Tax Implications of the Health Care Legislation

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From our friends at Burr, Pilger, Mayer:

 On March 30 2010, President Obama made history by signing into law the Health Care and Education Reconciliation Act of 2010 (HR 4872). This monumental moment follows last week's passage of the Patient Protection and Affordable Care Act (HR 3590).

Both acts will work hand-in-hand to overhaul the entire health care system of the United States. Select the category below to read about tax changes in the new health care legislation:

• Tax changes affecting individuals
• Tax changes affecting small businesses
• Higher Medicare tax on high-income taxpayers
• Penalties on individuals for remaining uninsured
• Employer requirement to offer coverage
• Premium assistance tax credits for purchasing health insurance

BPM: 'Haitian Relief Contributions Now Tax-Deductible'

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Our busines partner, Burr Pilger Mayer, sent out a nice article today regarding contributions to Haitian Relief and their tax eligibility.  Here is an excerpt from their article: 

"On January 22, President Obama signed into law H.R. 4462, a bill that allows donors to accelerate the income tax benefits of charitable cash contributions for the relief of victims of the earthquake in Haiti.

The bill allows individuals who make charitable contributions to aid Haitian earthquake victims to elect to claim an itemized charitable deduction on their 2009 tax return (instead of having to wait until next year to claim the deductions on their 2010 tax return). The election applies only to Haitian relief contributions made in cash after Jan. 11, 2010, and before Mar. 1, 2010."

For a the full article and a list of FAQs about the Act, click this link.