38 MAY 2019 I LIC COURIER I www.qns.com
TAX TIPS
Obamacare
BY JOHN SAVIGNANO, CPA
health law again takes center stage. A court in
Texas ruled it invalid last December and the law’s
supporters have appealed the decision. Most
provisions will still apply for 2019 or until
the U.S. Court of Appeals for the 5th Circuit and
then quite possibly by the Supreme Court.
President Trump agrees with the court ruling, as
evidenced by his administration’s recent court
to act fast to propose a replacement for
congressional lawmakers within his own party.
He now says he’ll introduce a new health care plan
Much of the Obamacare is engrained in the tax
code. Here’s a sampling:
household incomes between 100% and 400% of
the federal poverty level purchase health
insurance through one of the exchanges. A
proposal in Congress supported by Democrats
would expand the income eligibility requirements
for the credit and increase its size. It could pass the
House but, without Republican support, would
die in the Senate.
health plan to pay a tax if their employees opt to
buy insurance through an exchange and get the
premium tax credit. Firms with over 49
full-timers must also report health insurance data
each year to both IRS and the worker.
John Savignano is a partner with Savignano
Accountants & Advisors located at 47-46 Vernon
Blvd., Second Floor, in Long Island City. If you
have any questions or require additional
information, please call John at 718-707-0955.
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