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Understanding the Affordable Care Act

Introduction

The Affordable Care Act was passed in 2010. It overhauls the U.S. healthcare system and affects nearly all taxpayers, many employers and various elements of the healthcare industry. This represents the most significant change to our healthcare laws since the passage of Medicaid and Medicare in 1965.

The new law has been phased in over multiple years spanning from 2009 to 2018. As you’ll read in the article, the new healthcare law utilizes the tax code and tax return in many respects to implement its measures. The following article summarizes the important aspects of the law and separates it out between the provisions impacting individuals and other provisions impacting small businesses.

• Intuit's ACA website for accountants

Current Tax and Accounting

• Tax Extenders Legislation Advances in Senate Accounting Today
• Simplified Option for Claiming Home Office Deduction Now Available; May Deduct up to $1,500; Saves 1.6 Million Hours A Year IRS
• House Ways and Means Chairman Camp Releases Tax Reform Proposal Accounting Today
• IRS Offers Health Care Tax Tips to Help Individuals Understand Tax Provisions in the Affordable Care Act IRS

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The Innovation Awards are sponsored by The CPA Technology Advisor "as a means to recognize innovative developments in technologies that benefit the tax and accounting professions, as well as significant advancements in existing technologies."

Congratulations to TaxAlmanac and to the TaxAlmanac Community for making this happen!