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    New legislation

    Just run into this and started to read. Might be a good beginning.

    In March, Congress passed two pieces of legislation designed to reform the U.S. health care system. The Patient Protection and Affordable Care Act (PL 111-148) was enacted on March 23, and was quickly followed by the Health Care and Education Reconciliation Act of 2010 (PL 111-152), which amended several portions

    #2
    New Legislation

    Gretel - thanks millions.
    I usually mail my clients monthly newsletters.
    I am delayed this month due to the height of tax season.

    Your link to the Journal of Accountancy Article came at a PERFECT TIME.

    I'm photocopying (with all the Journal's credit info) - and will be including it with my newsletter.

    It does a great job of summarizing the major provisions - especially now that Schedule A medical will now be subject to 10%, not 7.5%.
    Uncle Sam, CPA, EA. ARA, NTPI Fellow

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      #3
      Originally posted by Gretel View Post
      Just run into this and started to read. Might be a good beginning.

      http://www.journalofaccountancy.com/...y/20102731.htm
      Excellent summary.........Thank you!

      Comment


        #4
        Haven't read the link, but have another explanation from CCH at the office.

        I would hold off sending out information to clients, esp since most of the tax aspects
        don't take effect until some time in the future. And I'm just betting that there are
        going to be changes to changes to come, esp after November. Just a hunch.
        Thus I won't be alarming my clients relative to the projected increase in IRS agents
        with sunglasses and guns trying to enforce certain aspects of it. (grin)


        At one time I purposely didn't bother to read proposed law until after a presidential signature on the bill.
        ChEAr$,
        Harlan Lunsford, EA n LA

        Comment


          #5
          "now that Schedule A medical will now be subject to 10%, not 7.5%."

          and I thought this bill was supposed to help the elderly and low income. I wonder how much of their prescription drugs are going to be affected by this little gem!

          I kept hoping they would eliminate the 7.5% for low income and seniors. That seemed to me an easy way to give them a break on their health care costs. But, noooo, instead they strip more money away. This is just sick.
          Believe nothing you have not personally researched and verified.

          Comment


            #6
            New Legislation

            I guess we can now call President Obama "The Candy Man":
            Uncle Sam, CPA, EA. ARA, NTPI Fellow

            Comment


              #7
              I just received an email from a friend which quotes Snopes:
              Attorney's essay challenges the constitutionality of health care reform legislation?

              which was written by a retired Constitutional lawyer who said that he
              has read the entire Health Care Bills and they present major problems,
              as I interpret what he wrote. ONE thing that I found most distressing
              is that the new law uses the word TAX imposed upon those who do
              not have health insurance rather than call it a fine or fee, or penalty, etc.
              This is done for legal reasons. I do NOT begin to understand this new law
              and have not read it. Read it for yourself. Of course, it will probably
              be changed.

              Comment


                #8
                I'm sure it will be changed.
                The "TAX" part will keep going up.
                "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

                Comment


                  #9
                  Originally posted by taxea View Post
                  "now that Schedule A medical will now be subject to 10%, not 7.5%."

                  and I thought this bill was supposed to help the elderly and low income. I wonder how much of their prescription drugs are going to be affected by this little gem!

                  I kept hoping they would eliminate the 7.5% for low income and seniors. That seemed to me an easy way to give them a break on their health care costs. But, noooo, instead they strip more money away. This is just sick.
                  Even though I don't understand the provision yet, it has a provision in there to keep 7.5% if someone turn 65 in these years.

                  Comment


                    #10
                    Yes the medical deduction will be allowable if the medical expenses exceed 10% of AGI but if over age 65 the old 7.5% threshold still applies. What if the husband is 70 and the wife is 60? Surely they will not require us to separate and apply both rules and allocate between the husband and wife.
                    Last edited by dyne; 04-01-2010, 11:43 AM. Reason: typo

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