Changes in Health Insurance
This week the president signed the health insurance reform bill into law. All politics aside, what does this mean for you and your business today?
The media, pundits and the politicians are all running around talking about immediate changes. There are no immediate changes with this type of legislation. At this point the bill filters through multiple levels of government bureaucrats eventually ending up at the IRS.
The IRS creates the practical application of this law based on its interpretation of the law that was just signed. This process will take many months. It will be inefficient and have many holes in it. The IRS will create new forms, procedures, opinions and mandates. All of these procedures, forms, opinions and mandates will continue to change and evolve every six months to a year indefinitely.
The payroll, finance, and health insurance industries all take these IRS rulings into account and build their own forms and procedures as soon as they have the data available to work on from the IRS. Also, don’t forget this law is well over two thousand pages long, has hundreds of new taxes, and thousands of new rules in it. There are also exceptions by state, region and religion.
The entire country is waiting for this law to flow through the bureaucratic channels. As soon as reliable information is distributed by the IRS and other government agencies we will implement the changes to keep you and your company compliant.
Allen R. Noll, CPA President
