Did you know that according to an article in Politico on November 20, 2012 that the Affordable Care Act makes more than 40 changes to the tax code? The IRS has a huge undertaking to make sure this law is implemented and can fund the necessary features to make the law work. The IRS needs to make sure people and companies get the premium tax credits they deserve (if they qualify). They need to collect penalties from individuals and businesses that do not purchase insurance. They will also be the verifiers of income for the subsidies that will be given out through the exchanges. Because the information will be based on two year old tax returns this could pose many problems at the end of the first year. In addition to all that, the IRS will need to track individuals personal situations to see if there are changes to qualifying for the subsidies through the exchange. Some of these situations would be a divorce, the birth of a baby, job loss or if an individual moves to a different state.
As you can see it is a complex issue with complex rules and results. If you have any questions about the law and how it may affect you or your business, please call us at (714)680-5900 or find us on the web at www.ansainsuranceservices.com .
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