Friday, February 8, 2013

Agencies Issue More ACA Regulations




Some seven months after the U.S. Supreme Court validated the individual mandate as a tax, the IRS issuedproposed regulations on the individual penalty tax, which takes effect in 2014.
In addition to the IRS regulations, HHS issued proposed regulations on what constitutes minimum essential coverage. Both sets of regulations clarify provisions of the Affordable Care Act (ACA).

The IRS regulations address §1501 of the ACA. The section contains the individual mandate and adds §5000A to the Internal Revenue Code. These regulations clarify that minimum essential coverage includes COBRA and retiree coverage.

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