Source: http://www.kaplanuniversity.edu/center-for-excellence/accounting-trends/2014-tax-changes.aspx
Timestamp: 2016-10-23 23:49:41
Document Index: 484120719

Matched Legal Cases: ['§ 7216', '§ 301', '§ 6713', '§ 6713', '§ 7216', '§ 6713']

2014 Tax Changes as a result of the Affordable Care Act for America Act | Kaplan University Call
By Leon Grove, Full-Time Faculty, School of
Business Published February 2014Health
care reform in the United States created the enactment of the Affordable Care
Act for America Act (or H.R. 3962). With this enactment, several new
legislations were created, including the Patient Protection and Affordable Care
Act (or H.R. 3590) and the Health Care and Education Reconciliation Act of 2010
(or H.R. 4872). The changes have evolved over the years and changes to H.R.
3962 continue; however, the original mandates for 2014 were:All Americans will have access to
affordable health insurance options;The Marketplace will allow individuals
and small businesses to compare health plans on a level playing field;Middle and low-income families will get tax credits that
cover a significant portion of the cost of coverage; Medicaid programs will be expanded
to cover more low-income Americans;All together, these reforms mean that
millions of people who were previously uninsured will gain coverage;Large employer health care mandate
excise tax (delayed until 2015);Premium assistance credit for mid to low
income individuals and families; and Individual penalty for not being
insured.As
a result, there are new tools to fight fraud to strengthen the Federal and
Private Health Programs, and to protect consumer and taxpayer dollars. The
Obama Administration has made important strides in reducing fraud, waste, and
abuse across the government. Over the last 2 years, the Centers for Medicare
and Medicaid Services (CMS) has implemented powerful new anti-fraud tools and
designed and implemented large-scale, innovative improvements to the Medicare
program integrity to shift beyond a “pay and chase” approach to preventing
fraud before it happens. CMS is also collaborating more with the private
sector, law enforcement, and state partners to harness best practices in the
fight against health care fraud.Therefore,
individual taxpayers can be penalized up to $25,000 for failure to provide
correct information when applying for health insurance coverage or financial
assistance for health coverage including the premium assistance credit or
cost-sharing reduction subsidy. The Internal Revenue Code § 7216, which are
found at Treasury Regulations §§ 301.7216-1 to 301.7216-3, were substantially
revised in 2008. On January 4, 2010, proposed and temporary regulations were
published that described three circumstances when tax return information may be
disclosed or used without taxpayer consent. These regulations were issued as
final regulations effective on December 28, 2012.In
addition to criminal penalties, a civil penalty of $250 for each unauthorized
disclosure or use of tax return information by a tax return preparer is imposed
by § 6713. The total amount imposed on any person under § 6713 shall not exceed
$10,000 in any calendar year. For purposes of these questions and answers,
which relate to the Affordable Care Act, the requirements and restrictions
under § 7216 also apply under § 6713.References H.R.
3962H.R.
3590H.R.
4872Treasury.gov; on the Internet at http://www.treas.gov/tigta Leon Grove is a full-time