Obamacare | Tax Law

IRS Opens New Website on Affordable Care Act

The IRS is tasked under Obamacare to administer the many tax provisions contained in the law.  It created a website to educate people about the tax provisions at www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions-Home.  Here are some of the major topics on the site: Individuals and Families Employers Other Organizations List of Tax Provisions Legal Guidance and Other Resources

Tax Law

Tax Traps To Avoid For Doctors And Businesses

Physcians Practice:  “The next 60 days marks the final push to sell physicians across the United States tax plans of both good and questionable value. Promoters of various plans are well aware of the pressures affecting your income and will make a variety of frivolous arguments that appeal to your desire to save.  As always…

Tax Law

The Buffett Tax Loss

The Wall St. Journal:  “The case for the Buffett tax keeps eroding. When President Obama announced the idea, he said it would help ‘stabilize our debt and deficits over the next decade.’ Then came the inconvenient revelation that the new 30% millionaire’s tax would raise only $46.7 billion over 10 years, and would leave about…

Tax Law

Busting Myths About Rich People’s Taxes

Martin A. Sullivan’s article “Busting Myths About Rich People’s Taxes” published in Tax Analysts on April 16, 2012, is a must read.  It dispels many commonly held myths about the rich and federal taxes.  Here are some statements from the article: There are good reasons for the government to keep its hand out of the…