9:30 AM - 5:00 PM
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Every American taxpayer will be affected by President Obama's signature health care law, the Affordable Care Act (ACA). The already complex and confusing income tax provisions enacted by the ACA are constantly being updated and modified by new IRS guidance. This course will concentrate on the Federal income tax issues of the health care law affecting both individuals and businesses.
Recognize the complex Federal income tax provisions of the health care law impacting.
Identify any newly enacted IRS regulations and procedures and review the impact it will have on individuals, businesses and employers.
Extensive review of the health care law income tax provisions with an emphasis on newly enacted regulations, revenue procedures and notices issued by the IRS.
Receive the most up-to-date comprehensive reference manual on the Federal income tax provisions of the health care law. Topics include, but are not limited to:
Shared responsibility payment penalty (i.e. individual health insurance mandate) under IRC 5000A
Premium assistance credit (IRC 36B)
The shared responsibility excise tax penalty for large employers (i.e. 50 or more employees) under IRC 4980H, the temporary delay (until 2016) for mid-size employers (i.e. 50 to 99 employees) and new final regulations
3.8% Net Investment Income Tax (IRC 1411)
Additional 0.9% Medicare tax
New group health plan nondiscrimination requirements and integration rules with medical reimbursement plans to avoid a potential excise tax of $36,500/year/employee
Exclusion from income for health insurance and medical reimbursements for children under age 27
Limitations on health flexible spending arrangements (FSAs) and other medical reimbursement plans
SIMPLE Cafeteria plans
Required employer and insurer reporting of health insurance coverage (i.e. information returns)
Annual patient-centered outcomes research institute (PCORI) and transitional reinsurance program fees for self-insured health plans
Excise taxes on medical devices (2.3%) and high-cost, employer-sponsored health coverage (i.e. Cadillac Plans)
CPAs and tax accountants in public or private practice.
General knowledge in individual/business income taxes and tax favored health care plans.
Advanced Prep: None
Speaker: J Patrick Garverick, CPA, MT, CFP
Field of Study: Tax
CPE Credit: 8 Hours
Meet the Speaker:
J. Patrick "Pat" Garverick began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began his own tax and financial planning business as well as writing, reviewing and teaching tax and financial planning CPE training courses around the country. As an award winning discussion leader, his knowledge, expertise and high energy have made him one of the profession’s highest rated speakers resulting in numerous perfect scores for both knowledge and presentation skills."