RIVERWOODS, Ill., June 29, 2012 /PRNewswire/ -- In a decision that gripped the country, the U.S. Supreme Court upheld the constitutionality of President Obama's signature health care reform law and determined the individual mandate requiring individuals to pay a penalty if they fail to carry minimum essential health insurance is within Congress's power. CCH has prepared a special Tax Briefing thoroughly examining the tax impact of the Court's decision and related guidance. CCH, a Wolters Kluwer business is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).
In a landmark 5 to 4 ruling handed down on June 28, the Court determined the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act (HCERA) should move forward. However, the mechanism used to force states to expand Medicaid benefits did not pass constitutional muster.
"Many were surprised with what Chief Justice John Roberts wrote in his opinion, stating that imposing a penalty on individuals without health insurance is within the authority of Congress to levy taxes," said Mark Luscombe, JD, LLM, CPA, and CCH Principal Federal Tax Analyst. "But it's still not certain how the IRS will interpret parts of the law and, even with pledges by opponents to repeal the law, taxpayers have to assume key provisions will begin going into effect next year."
For More Information
The new Tax Briefing is available by clicking here: Supreme Court Upholds Healthcare Law; All Tax Measures Preserved.You may also visit CCHGroup.com/Legislation to access the full range of CCH Special Briefings on significant tax developments. Members of the press interested in speaking to a CCH tax analyst should contact Eric Scott at 847-267-2179, [email protected] or Brenda Au at 847-267-2046, [email protected].
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
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