Even if Congress were to somehow solve its tax extender problems and kick all the EGTRAA and JGTRRA sunsets down the road for another year, the fact remains that under the Affordable Care Act (the Patient Protection and Affordable Care Act, P.L. 111-148, and the Health Care and Education Reconciliation Act of 2010, P.L. 111-152), a number of important tax increases will go into effect next year. These include higher HI taxes for high earners, a 3.8% surtax on unearned income of higher-income individuals, and caps on health FSA contributions. These changes will cause compliance issues for companies, and some of them also will face new deduction limitations and fees.
This article highlights the changes that loom for 2013, along with the scant guidance IRS has issued to date.
If you would like more detailed information on this topic please download the article below which highlights the changes that loom for 2013 along with the scant guidance IRS has issued to date.
Dean R. Holland, CPA