IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS and the Treasury Department have released final regulations that provide some clarity and relief with regards to certain provisions of the Affordable Care Act ( P.L. 111-148), including the definition of minimum essential coverage under Code Sec. 5000A and reporting requirements for health insurance issuers and employers under Code Secs. 6055 and 6056. The final regulations finalize 2021 proposed regulations with some clarifications ( REG-109128-21).
The final regulations provide that the term “minimum essential coverage” does not include Medicaid coverage limited to COVID-19 testing and diagnostic services provided under the Families First Coronavirus Response Act ( P.L. 116-127). If an individual qualifies solely for this coverage, then it does not prevent them from claiming the premium tax credit under Code Sec. 36B. This amendment to Reg.§ 1.5000A-2 applies for months beginning after September 28, 2020.
The final regulations also provide:
The regulations under Reg. §§1.6055-1 and 301.6056-1 apply for years beginning after December 31, 2021.
The final regulations affect some taxpayers who claim the premium tax credit; health insurance issuers, self-insured employers, government agencies, and other persons that provide minimum essential coverage to individuals; and applicable large employers.
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
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