Timeline for Implementation of the 2010 Health Care reform Legislation and Hire Act

• A Small Employer Tax Credit is Available to Eligible Non-Profit and For-Profit Entities that Pay Health Care Coverage for Employees. The Maximum Credit is 35%.
• Other Health Insurance Coverage Reforms begin to be Implemented--Employer Sponsored Plans may Require Amendment.
• Employers that Hire Unemployed Workers may be Eligible to Receive a Tax Break of up to $6,621 per Employee.
• Businesses can Continue to Deduct Capital Expenditures of up to $250,000 of Qualified Property.

• Employers Must Report the Value of Health Benefits Provided to Employees on Form W-2.
• Businesses will Receive an Annual Form 1099-K Documenting the Credit Card and On-Line Payments Processed by Financial Firms. The IRS will have the Ability to Implement a More Extensive Revenue Matching Program.

• Businesses Must Report Payments of $600 or More Made to Vendors for Goods and Services even if the Vendor is Incorporated. Penalties for Non-Compliance are Doubled.

• High Income Individuals Must Pay Additional Medicare Tax on Wages and Unearned Income.
• The Floor on Itemized Medical Deductions Increases from 7.5% to 10% for Taxpayers not yet Age 66.

• The Small Employer Tax Credit Increases from 35% to 50%.
• Low Income Individuals may be Eligible to Receive a Tax Credit for Health Care Coverage.
• Individuals without Health Care Coverage will be Penalized.
• Large Employers Who Do Not Offer Health Care Coverage will be Penalized.
• Employers who do Offer Coverage Must Offer a Voucher to Certain Low Income Employees that Choose to Participate in a State Plan rather than the Employer's Plan.

Our main office is located in wonderful old town Fort Collins, visit us here or at one of our other locations -

• 301 E Olive St, Fort Collins, CO Or Call 970-493-6869
• 825 Main Street, Windsor, CO Or Call 970-493-6869
• 4631 West 20th Street Road, Greeley, CO Or Call 970-304-9420
• 1620 Central Ave, Ste 304, Cheyenne, WY Or Call 307-631-5598

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