The wheels of justice grind slowly, but they grind exceedingly fine.
And grind they do…at least the wheels in the regulatory sausage factory if not “justice” exactly. A challenge for the creation of tax law content has been the uncertainty over the ACA and the reams of regulations placing it into action. Proposed Treasury and HHS regulations have now provided some details on what constitutes minimum essential coverage for purposes of the penalty tax or, if you prefer, “shared responsibility payment.” Public comments are due May 2.
“Starting in 2015, individuals filing a tax return for the previous tax year will indicate which members of their family (including themselves) are exempt from the provision. For family members who are not exempt, the taxpayer will indicate whether they had insurance coverage. For each non-exempt family member who doesn’t have coverage, the taxpayer will owe a payment.
HHS and IRS are seeking comments on these proposals. Comments on the Treasury proposed regulations are due by May 2, 2013, and a public hearing will be held May 29, 2013. Comments on the HHS proposed regulations are due by March 18, 2013.”