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Thomson Reuters Checkpoint has released an updated special report, Tax Changes in Health Care Reform Legislation, which is designed to help tax practitioners understand the tax provisions of health care reform that take effect now through 2018.

“2014 will be a critical year for practitioners advising their business and individual clients on the impact of health care reform,” said Thomas Long, senior tax analyst for Thomson Reuters and an author of the report. “Thousands of pages of complex regulations have already been published; and more regulations are on the way to fully implement the law.”

The report, which is available for download at no cost, covers:

  • Increase in employee’s share of FICA for income over $250,000.
  • Surtax on unearned income of higher-income individuals.
  • Higher threshold for deducting medical expenses.
  • Dollar cap on contributions to health flexible spending accounts.
  • Deduction limited for retiree drug coverage.
  • Fee on health insurance issuers and plan sponsors for comparative clinical effectiveness research.
  • $500,000 compensation deduction limit for health insurance issuers.
  • Information reporting on health coverage by insurers and employers.
  • Excise tax on medical device manufacturers.
  • Individual penalty for not carrying health insurance.
  • Refundable tax credit for low- or moderate-income families buying certain health care insurance.
  • Definitions of qualified health plans, qualified employers, and exchanges.
  • Excise tax on health insurance providers.
  • Penalty for larger employer not offering affordable, minimum value health coverage.
  • Excise tax that applies to high-cost employer-provided health insurance coverage.
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