I'm Darrin Mish. For 32 years I've practiced federal tax litigation \u2014 routine audits, Tax Court cases, and everything in between. If you're facing an IRS issue, here's what you need to know first.<\/p>\n
The IRS, along with the US Department of the Treasury, are inviting you to submit your comments on certain provisions of the Patient Protection and Affordable Care Act. There are three provisions you can comment on under relevant notices sent out by the IRS and Treasury:<\/p>\n<\/div>\n<\/div>\n
1. Notice 2012-31 regarding minimum value of an employer-sponsored health plan<\/p>\n
Starting from 2014, under the Affordable Care Act, you will be granted a tax credit for any qualified health insurance plan you may have purchased. But if you are also eligible for a health plan granted by your employer that provides a “minimum value” benefit, your tax credit may be eliminated. According to Section 36B(c)(2)(C)(ii) of the IRS code a “minimum value” is defined as at least 60% of the total cost of benefit provided. If the “minimum value” criteria is not met, then you may be able to claim the tax credit.<\/p>\n
The IRS and Treasury also invites you to comment on their proposed methods to determine “minimum value”. The proposed methods are:<\/p>\n
– using an actuarial value calculator
\n– a range of safe harbors
\n– certification by a certified actuary<\/p>\n
2. Notice 2012-32 regarding reporting requirements of providers of minimum coverage health insurance<\/p>\n
The Affordable Care Act requires health insurers, government agencies, employers who self-insure, and any other entity that provides minimum coverage to submit annual information returns on each person being insured. You can comment on ways to minimize the reporting requirement and how to determine the point of time the individual’s coverage begins and ends for reporting purposes.<\/p>\n
3. Notice 2012-33 regarding how to make reporting more efficient in employer-sponsored health insurance for large employers<\/p>\n
Undrer the Affordable Care Act, the IRS Code mandates reporting of certain information on employer-provided healthcare coverage provided on or after January 1, 2014. The report must be sent to both the IRS and a plan’s employees. The IRS will use the information to verify the employer-sponsored coverage, among other things.<\/p>\n
The IRS seeks your comments on how to coordinate and reduce duplication in reporting on employer-sponsored coverage under various IRS provisions.<\/p>\n
If you would like to comment on these matters, you may do so by June 11, 2012. You can email your comments to Notice.Comments@irscounsel.treas.gov. The email subject line should include the number of the Notice(s) you are commenting on. If you do not wish to email your comments, you can find instructions for other ways to submit them in the Notices.<\/p>\n<\/div>\n<\/div>\n