Healthcare Reform – Affordable Care Act Tax Provisions
Field of Study:
The landmark legislation known as the Patient Protection and Affordable Care Act (PPACA), signed into law in 2010, is likely to affect virtually every person and institution in the United States in some way. It imposes healthcare-related requirements on health plans, health insurers, employers and individuals.
In addition to imposing various tax increases to increase revenue, the PPACA uses a carrot and stick approach to ensure compliance with its provisions, offering tax credits for compliance and imposing tax penalties for non-compliance. This course will review the principal provisions of the law and will examine its tax impact on individuals and businesses.
In so doing, it will consider the: a) Coverage-related provisions of the PPACA addressing – Plan grandfathering pursuant to which health coverage in force at the time of the law's passage may be continued, The prohibition of pre-existing condition exclusions, The proscription of lifetime and annual benefit limits, The limitation of health coverage rescissions, The requirement for certain patient protections, and The requirement that plans covering children extend child coverage until age 26; b) Tax credits available to small businesses to encourage them to sponsor employee health plans; c) Shared responsibility for certain large employers to provide employee health coverage and the tax penalties imposed for noncompliance; d) Various personal income tax changes affecting taxpayers; and e) Tax credits authorized to help individuals maintain minimum essential coverage.
After completing this course you will be able to:
- List the principal healthcare provisions of the PPACA;
- Identify the tax credits for which small businesses may be eligible when sponsoring employee health plans;
- Recognize the shared responsibility requirements for applicable employers regarding employee health coverage;
- Compute the tax penalties imposed under the PPACA for an employer’s failure to meet the applicable shared responsibility requirements; and
- Calculate the tax credits and tax penalties designed to help ensure that individuals meet the requirement to maintain minimum essential coverage.
General understanding of federal income taxation.
Type of delivery method:
Recommended CPE credits:
Final examination expiration date:
The program participant will have one year from the date of purchase to complete the course and final examination.
Web CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org