SOURCE: Marks Paneth & Shron LLP

Marks Paneth & Shron LLP

April 29, 2010 10:04 ET

Marks Paneth & Shron (MP&S) Summarizes Tax Provisions of Patient Protection and Affordable Care Act

MP&S Tax Group Available to Comment on How Provisions Will Affect Individuals and Businesses in 2010 / 2011 and Beyond

NEW YORK, NY--(Marketwire - April 29, 2010) -  The Tax Group of the leading New York-area accounting firm Marks Paneth & Shron LLP has authored a client alert outlining the main tax provisions of the Patient Protection and Affordable Care Act and how they are expected to affect individuals and business owners in 2010, 2011 and beyond.

The 2010 and 2011 implications discussed in the MP&S client alert include:

  • How available tax credits will apply to small businesses
  • What small business qualification of "cafeteria plans" means for employers
  • Expected limits on flexible savings arrangements
  • Qualifying age of adult children under parental plans

Future changes explained in the MP&S client alert include:

  • Penalties for the uninsured who aren't eligible for government-provided coverage
  • Expected tax increases for taxpayers with more than $200,000 in earned income
  • Tax penalties for employers who fail to provide coverage
  • Tax penalty thresholds for high-cost or "Cadillac" group plans

The full text of the April 2010 MP&S Tax alert on the Patient Protection and Affordable Care Act can be found at: http://www.markspaneth.com/AUL/data/3/Publications/640.April_Patient_Protection.pdf.

To speak with the Marks Paneth & Shron Tax Group about issues related to the Patient Protection and Affordable Care Act, please contact Itay Engelman of Sommerfield Communications at 212.255.8386 or via email at itay@sommerfield.com.

About Marks Paneth & Shron

Marks Paneth & Shron LLP is an accounting firm with nearly 475 people, of whom 64 are partners and principals. The firm provides businesses with a full range of auditing, accounting, tax, bankruptcy and restructuring services as well as litigation and corporate financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, media, entertainment, nonprofit, professional and financial services and energy clients.
Visit www.markspaneth.com for more information.

MP&S Tax Group

With more than 100 tax professionals -- approximately 15 of whom are partners and principals -- the Marks Paneth & Shron Tax Group is a recognized provider of tax services to partnerships, corporations, trusts and estates, tax-exempt organizations as well as high-net-worth individuals, their families and their charitable interests.

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