Emancipation Day
If you did not celebrate Emancipation Day last Friday, you might want to celebrate it now.
On Emancipation Day, Friday April 15, 2011, President Obama signed into law (H.R. 4) the “Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011”. The new law repeals the expanded 1099 reporting requirements imposed by PPACA in 2010 and which were slated to begin with the 2012 tax year.
(http://www.gpo.gov/fdsys/pkg/BILLS-112hr4enr/pdf/BILLS-112hr4enr.pdf)
Also on Emancipation Day, President Obama signed into law (H.R. 1473) the “Department of Defense and Full-Year Continuing Appropriations Act”. Among many funding mandates, this law effectively repeals the portions of PPACA related to “free choice vouchers”, including the requirement that employers provide them in the first place. The free choice voucher requirement, set to begin in 2014, could have seriously jeopardized the ability and/or willingness of employers to continue paying a portion of the cost of group medical coverage.
(http://www.gpo.gov/fdsys/pkg/BILLS-112hr1473enr/pdf/BILLS-112hr1473enr.pdf)
Please contact usif you have any questions.
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The information contained in this ALERT is intended for general information purposes only and does not constitute legal advice relative to a specific situation.