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IRS Would Be Challenged By Any Future ACA Changes
Source:
tax-news.com
- Feb 6, 2014
by Mike Godfrey, Tax-News.com, Washington
05 February 2014
The primary finding of a report released by the Treasury Inspector General for Tax Administration (TIGTA) is that the United States Internal Revenue Service (IRS) has developed sufficient plans to assist individuals in understanding the tax implications of the Affordable Care Act (ACA), but any changes in the law's implementation would challenge these plans.
TIGTA conducted its audit to evaluate the IRS's efforts to provide individuals assistance related to the ACA provisions on obtaining the minimum essential health coverage and the tax credit to offset health care expenses.
Signed into law in March 2010, the ACA includes tax provisions that require individuals to maintain minimum essential health care coverage. It also provides the Premium Tax Credit to offset the health care expenses of qualified individuals, and the IRS will impose a penalty on any taxpayer who, from this year, fails to maintain the minimum essential coverage, for three months or more and does not qualify for an exemption.
The IRS's customer service strategy is part of a larger government education campaign in which the IRS collaborated with other Federal agencies, including the US Department of Health and Human Services (HHS).
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Category: General Business
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