Posts Tagged - ‘tax’

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Healthcare Reform Complicates Tax Reporting

Thursday, July 8th, 2010

As most know, the healthcare reform law includes an affordable individual health insurance mandate, intended to bring more people into the pool and make health care less expensive for all.

According to the provision, the IRS is responsible for enforcement of the medical insurance mandate. Non-exempt individuals or employers who violate it will charged penalties on their tax returns. However, there are doubts that the Internal Revenue Service is up to the task.

The requirement also creates more complications for business and nonprofit accountants when filing tax returns. In an attempt to reduce underreporting of income (which would reduce federal funding for medical insurance reform), they will now be responsible with keeping records of the 1099 forms they will have to have for all transactions over $6,000, as of 2012.

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Healthcare Reform Reduces Tanning Bed Use

Wednesday, June 9th, 2010

Image: elgin.jessica under CC 3.0

A provision of the Obama administration’s healthcare reform kills two birds with one stone: a 10% tax on UV tanning beds raises money to fund the legislation, while simultaneously discouraging a practice that increases the risk of developing skin cancer.

Even tan addicts are either giving up their habit or switching to safer spray tans: none other than reality TV star Snooki of MTV’s Jersey Shore fame says that she’s scaled back due to the tax, although she can certainly afford it now. According to her, Obama’s presidential rival Sen. John McCain wouldn’t have targeted the cast of her show with the tax.

That’s certainly possible, because McCain didn’t support comprehensive affordable health insurance reform. However, it’s doubtful that he–as a melanoma survivor–was doing it for Snooki and co.’s benefit.

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