Roberts Cherry Group

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The House Ways and Means Committee late last week approved H. R. 3200, America’s Affordable Health Choices Act of 2009. This health care reform legislation, which totals over 1,000 pages, includes a number of tax provisions to offset the anticipated cost of health care reform. As might be expected, there are numerous questions and uncertainties with respect to the legislation’s specific tax provisions. The tax impact of the legislation would likely be widespread and significant to many taxpayers. Essentially all businesses would be affected by decisions about providing health care coverage to employees, as well as the potential for additional payroll tax liabilities if qualified health benefits are not provided to employees. In addition, individual taxpayers could be impacted by the provisions imposing a tax on individuals without acceptable health care coverage and a proposed surtax on high-income individuals. To learn more about the primary tax provisions included in the proposal, read our extended analysis here, America's Affordable Health Choices Act of 2009. Recent tax proposals put forth by the Obama administration would significantly raise taxes for businesses generally while some specific tax proposals target special breaks in the current law for certain industries. Oil and gas producers, organizers and managers of hedge funds and real estate developers would all experience significant changes in the ways they are taxed under the Obama administration tax proposals. A number of these would expand information reporting, improve compliance by business, and revise some ways that income from financial products is reported. All in all, the Obama administration's tax proposals seem designed to impose greater burdens on businesses in order to pay for deficit reduction and health care reform. To learn more about tax proposals that may affect your business, download our free white paper: The Obama Administration’s Fiscal Year 2010 Tax Proposals: A Summary of Select Provisions and Potential Impact November 2, 2009 - Meggie Holland joins Film Production Capital October 12, 2009 - Stephen G. Roberts Attends National Forensic Accounting Conference October 1, 2009 - Benjamin Rodriguez Passes CPA Exam May 19, 2009 - Hardy Foreman Selected for Shreveport Chapter LCPA April 17, 2009 - Michael Gould Passes CPA Exam

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