Barbara Weltman writes a terrific article delineating a few of the many changes that will impact businesses and individuals in her article “Tax Rules You Should Know About for 2011.”
Two of the changes I find particularly interesting. First the “Grants for wellness programs”, on the surface, appears to be a wonderful idea IF at some point we are actually able to access an application AND any of the $200 million, which isn’t much, is actually available by the time the government gets through processing our application (yes we actually intend to make a run at this.) We will keep you posted as to results.
The other change regarding “W-2 reporting” should create a great deal of concern for anyone paying attention. My perception, as well as many other professionals, is that this is a prelude to actually taxing health care benefits. So while Obamacare is supposed to be a win, I’m afraid that most of us will consider it otherwise once the existing administration realizes (through this reporting change) what they can grab in added tax dollars once the reporting is in. Realistically, what was once a wonderful tax free fringe benefit will now get taxed as ordinary income.
See Barbra’s article at Tax Rules You Should Know About for 2011
This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.
