Originally posted by travlin'easy:
Bill,
From what I was led to believe, and some of your statement tends to lean in that direction, is that in 2012 health insurance paid by the employer, WILL be considered taxable income. Currently, it is NOT. But, this, like most taxes, is subject to change. Only time will tell. I won't hold my breath on any of this, and as I stated earlier, the small businesses will be slammed until they're out of business.
Gary
The reporting was the only thing put off until 2012. It was moved a year ahead to allow businesses more time to allow for the accurate reporting of the "value" of the health insurance. Its mostly there to provide consumers with a value of their health insurance (not always the same thing as the cost of the plan) and also a way for the Gov't. to see that businesses, where applicable, are in fact providing competitive health insurance plans to their employees.
What they "might do" someday is a far cry from what the original letter suggested.
Seriously though-don't take my word for it-Call the IRS yourself and have a conversation.
Telephone Assistance for Individuals:
Toll-Free, 1-800-829-1040
Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).
Telephone Assistance for Businesses:
Toll-Free, 1-800-829-4933
Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).
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Bill in Dayton
[This message has been edited by Bill in Dayton (edited 10-29-2010).]
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