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Do you know how the new Affordable Care Act affects you?   Read on for a brief summary of new implementations that may affect you.  For more information please visit the IRS.

Starting in 2011, the Affordable Care Act requires employers to report the value of the health insurance coverage they provide employees on each employee's annual Form W-2.  This reporting is for informational purposes only.  The amount reported does not affect tax liability.

This new credit helps small businesses and small tax-exempt organizations afford the cost of covering their employees and is specifically targeted for those with low- and moderate-income workers. The credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have. In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees.

Effective Jan. 1, 2011, the cost of an over-the-counter medicine or drug cannot be reimbursed from Flexible Spending Arrangements or health reimbursement arrangements unless a prescription is obtained. The change does not affect insulin, even if purchased without a prescription, or other health care expenses such as medical devices, eye glasses, contact lenses, co-pays and deductibles. The new standard applies only to purchases made on or after Jan. 1, 2011, so claims for medicines or drugs purchased without a prescription in 2010 can still be reimbursed in 2011, if allowed by the employer's plan. A similar rule goes into effect on Jan. 1, 2011 for Health Savings Accounts (HSAs), and Archer Medical Savings Accounts (Archer MSAs). Employers and employees should take these changes into account as they make health benefit decisions for 2011.

On June 28, 2010, the Administration published the interim final regulations prohibiting new group health plans and health insurance issuers in both the group and individual markets from imposing pre-existing condition exclusions on children under 19 for the first plan year (in the individual market, policy year) beginning on or after September 23, 2010.   These regulations apply to grandfathered group health plans and group health insurance coverage but do not apply to grandfathered individual health insurance coverage that was in existence on March 23, 2010.  Accordingly, for non-grandfathered individual health insurance policies, children under 19 cannot be denied coverage because of a pre-existing condition for policy years beginning on or after September 23, 2010.

Healthcare: Dependent Coverage Until Age 26 

Effective for Plan or Policy Years beginning on or after September 23, 2010, the Affordable Care Act requires plans and issuers that offer coverage to children on their parents' plan to make the coverage available until the adult child reaches the age of 26.  Adding your dependent child to your coverage needs to be done during your plan's annual open enrollment period.

TSA's - Provide your employees with at least 2 types of notices regarding their option to participate in your tax-sheltered annuity plan(s).  We suggest 1 electronic notice and 1 hard copy notice.

Health Insurance Open Enrollment - Don't forget to provide your employees with notice of their annual health insurance open enrollment period. 

Order your 2010 W-2's and 1099's now to avoid the last-minute rush!

Oct. 11, 2010: Federal Reserve Bank Holiday - Columbus Day. 

Oct. 31, 2010: Deadline to file quarterly grant reports and reimbursement requests. 

Nov. 1, 2010: Deadline to file Form 941 for 3rd quarter 2010 if you did not deposit all taxes when due.

Nov. 1, 2010: Deadline to deposit FUTA tax owed through September if more than $500.

Nov. 10, 2010: Deadline to file Form 941 for 3rd quarter 2010 if you timely deposited all required payments.

Nov. 11, 2010: Federal Reserve Bank Holiday - Veterans Day.

Nov. 25, 2010: Federal Reserve Bank Holiday - Thanksgiving Day. 

Dec. 15, 2010: Deadline for corporations to pay the 4th installment of estimated tax payments for 2010.