IRS Proposes Rules for Health Care Coverage – Los Angeles Income Tax Planning and Income Tax Litigation Attorney Bruce Givner

by Bruce Givner on April 8, 2013

Beginning in 2014, individual taxpayers who annually do not provide minimum essential health care coverage to a “dependent” can be liable for a shared responsibility penalty or tax. IRC Section 5000A. Married taxpayers filing a joint return are jointly liable for the payment.

The Internal Revenue Service (IRS) has now proposed new regulations to define:

1. The minimum essential coverage and liability for the shared-responsibility payment, including for dependents;

2. The different types of health plans that will qualify as minimum essential coverage;

3. Who is exempt from the share responsibility payment; and

4. How to compute the shared responsibility payment. Proposed Regs. Section 1.500A-1-4.

If passed, the proposed regulations would apply when IRC Section 5000A goes into effect - January 1, 2014.

Givner & Kaye focuses on sophisticated income tax planning and compliance, tax litigation and procedure, estate planning, and asset protection plans for individuals and businesses in Beverly Hills, Calabasas, West Los Angeles, Hollywood, and other areas of Los Angeles, Orange, Ventura, San Bernardino, Riverside and Santa Barbara Counties. Call Los Angeles Estate Planning and Asset Protection Plan Attorneys Givner & Kaye at (310) 207-8008 today.

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