With the New Year upon us, I am reminded of a conversation with a client some years ago. “Bill” and “Doreen” had come in looking for what they thought would be investment advice.
Austin, San Antonio and other cities in Texas have ranked high on numerous lists for places to do business and quality of life in recent years. A June 6, 2011 Forbes article ranks Austin as the top city in the country for future population growth. San Antonio is ranked forth, Houston fifth, and Dallas seventh.
Human Resource and employee benefit administrators will need to be aware of many new developments for 2011 brought about by the Patient Protection and Affordable Care Act (PPACA).
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The mid-term elections came and went, leaving behind a wake of defeated centrist Democrats in the US House of Representatives and across state houses nationwide. While the GOP did not gain a majority in the US Senate, it picked up an unprecedented 60 seats in the House. Near the top of almost every poll of issues that mattered to voters was health care reform. Republicans and even some Democrats nationwide ran against it. Despite these changes, don’t expect anything significant to come out of Congress in the next year or two. The Democrats still control the Senate, and President Obama still has veto power. The new House is expected to pass a health care reform bill (or a bill that severely limits the health care reform law) as a symbol and a precursor to 2012. Such a bill would not make it out of the Senate, and therefore President Obama would not need to veto it.
The 1099 Problem for Businesses
The Patient Protection and Affordable Care Act (PPACA) was passed on March 23, 2010. At about 2700 pages long, it is one of the most far-reaching laws passed in the United States in many decades. It will take many years to be implemented. While many of the entities and processes called for by PPACA are yet to be defined and executed, we do know about the key changes taking place in late 2010 and on the horizon in 2011 and 2012. Our focus in this post is on what business owners, CFOs, Controllers, and Human Resource Managers need to know to navigate the new landscape created by the early years of health care reform.