- Credits: 6
- Format: Self-Study eBook
- Field of Study: Federal Tax Law
- Author/Speaker: Paul J. Winn, CLU, ChFC
|Course ID:||Advanced Preparation:||Experience Level:|
|EWTFM-T-01689-21-S | 6233-CE-0412||None||Overview|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© April 2021||General Understanding of Taxes||Self-Study eBook|
The landmark legislation is known as the Patient Protection and Affordable Care Act (PPACA), signed into law in 2010, affects a wide range of institutions in the United States in some way. It imposes healthcare-related requirements on health plans, health insurers, and employers.
In addition to imposing various tax increases to increase revenue, the PPACA uses a carrot and stick approach to ensure compliance with its provisions, offering tax credits for compliance and imposing tax penalties for non-compliance. This course will review the principal provisions of the law and will examine its tax impact on individuals and businesses.
- Coverage-related provisions of the PPACA addressing:
- Plan grandfathering according to which health coverage in force at the time of the law's passage may be continued,
- The proscription of a lifetime and annual benefit limits,
- The limitation of health coverage rescissions,
- The requirement for certain patient protections, and
- The requirement that plans to cover children extend child coverage until age 26;
- Tax credits available to small businesses to encourage them to sponsor employee health plans;
- Shared responsibility for certain large employers to provide employee health coverage and the tax penalties imposed for noncompliance;
- Various personal income tax changes affecting taxpayers; and
- Tax credits are authorized to help individuals maintain minimum essential coverage.
After reading the course material, you will be able to:
- List the principal healthcare provisions of the PPACA;
- Identify the tax credits for which small businesses may be eligible when sponsoring employee health plans;
- Recognize the shared responsibility requirements for applicable large employers regarding employee health coverage;
- Compute the tax penalties imposed under the PPACA for a large employer’s failure to meet the applicable shared responsibility requirements; and
- Calculate the tax credits designed to help ensure that individuals can maintain minimum essential coverage.
Who Should Attend:
- All Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Tax Return Preparers (TRPs)