I’ve heard that figure now on two separate occasions from two separate Media outlets; so who can tell me, do you know the source? Where did the figure: 16 thousand new IRS Agents will be needed to oversee the Health Insurance proof of coverage or penalty on our 1040 Income Tax forms?
Answer by Ask me about The Beatles
Most likely some federal analyst at his desk in Washington DC.
Answer by Demos & Repubs = Anti-Liberty
“During last weekend’s Congressional debate over the health care reform bill, Republican lawmakers repeatedly warned of plans to hire 16,000 to 17,000 more IRS agents to enforce various provisions of the bill, with the IRS budget going up $ 10 billion over the next 10 years. “
Answer by HuckleberryLou
Fox News? Just a guess.
Los Angeles, California (PRWEB) May 08, 2014
Even health care workers don’t know what’s in Obamacare, or the Affordable Care Act, according to Stephen Ohlemacher of the Associated Press. In an Associated Press article dated April 2, 2014 (Obamacare Credits Could Trigger Surprise Tax Bills “news.yahoo.com/obamacare-credits-could-trigger-surprise-tax-bills-162031250.html), it was pointed out that the complicated system of subsidies and penalties are so confusing that the average taxpayer can become completely overwhelmed. Platinum Tax Defenders offers five basic tips on how to understand the new regulations, but encourages taxpayers with healthcare expense questions to have a review done by a tax resolution service, preferably with a tax attorney on staff.
First, according to Ohlemacher’s article(“accountingtoday.com/ato_issues/27_4/2014-Affordable-Care-Act-provisions-begin-to-get-noticed-66191-1.html”), healthcare credits depend heavily on prior year tax return information for projections leading to tiered subsidies geared toward lower income levels. This can cause obvious problems when raises are given or income is subject to change. What many taxpayers don’t realize is that subsidies that don’t match current income levels will have to be given back, which can result in much larger tax bills than expected. Catherine Livingston, health care counsel to the IRS, called it a novel aspect. A Platinum Tax Defenders specialist called it possibly the most irritating way of giving a credit ever devised.
Second, the credits aren’t really credits. One of the other novel aspects is that the money given as a subsidy benefits the insurance company, who then passes on the benefit to the end user in the form of reduced premiums. In the same way that a tax deduction does not work as a tax credit (which can become a cash refund), the health care subsidies are supposed to translate into savings rather than actual payments for the taxpayer unless a refund is triggered by the receipt of smaller subsidies because of income loss or change of marital status. This may cause significant issues for those who lose a spouse.
Third, most taxpayers know by now that the Affordable Care Act requires taxpayers to purchase insurance or face fines and penalties. Although the Congressional Budget Office projects that 18 million people will qualify for subsidies, there’s no way of knowing the exact number of those who will benefit and those who will be penalized. However, Ohlemacher indicated that families making more than four times the poverty level have to repay the entire subsidy, although repayment amounts are still unclear.
Fourth, there are exceptions to those required to obtain coverage. According to Accounting Today, as of April 1, 2014 article (Affordable Care Act Provisions Begin To Get Noticed), if the bill for minimum health care insurance is over 8% of a taxpayer’s income, they are exempted from the shared responsibility payment. Confirmation of this exempt status comes via application for the Section 36B premium tax credit.
Fifth, exemption rules (and other regulations) are different for employers. Employers are subject to penalties if insurance is not provided for employees, unless the cost is greater than 9.5 percent of household income, per Accounting Today. Also, the minimum value coverage of an employee’s health insurance cost must cover at least 60% of the cost. Monthly penalties for employers who do not offer coverage, with 30 or fewer employees, will be equal to 1/12th of $ 2,000. Employers offering coverage, with one or more employees opting for an exchange, will have a reduced penalty of one-twelfth of $ 3,000 times the number of employees qualifying for the credit. Employers with 50 or more full-time employees, who work for 30 or more hours per week (or 120 monthly hours), may incur different penalties. It’s also worth noting that the IRS website states that employers with 40 full-time employees and 20 part-time employees working for 15 hours or more can also qualify as a large employer with 50 employees.
What makes these regulations so confusing, besides the document length of the Affordable Care Act, are the changes made by Congress. By 2014, there may have been more revisions made to the regulations, which can lead to even more confusion. Platinum Tax Defenders continues to encourage taxpayers to obtain help from a tax attorney or a tax relief office, so that any credits or penalties do not come as a surprise after April 15th.
Platinum Tax Defenders, whose President is Sherri Gastelum, operates with a team of 10 professionals. Specialists include at least one tax attorney, a fully qualified CPA, and a former IRS agent. Sherri has had at least 20 years’ experience in sorting through corporate, personal, business, and tax queries. Taxpayers can have access to a specialist in a no-cost consultation, which usually lasts between 30 to 45 minutes, and specific tips on how to deal with IRS-related issues.
For more information from Platinum Tax Defenders on tax-related issues, call 1-877-668-1807 or send an email to info(at)tax-resolution(dot)me.
West Palm Beach, Fla (PRWEB) April 16, 2014
The ObamaCare Survival Guide has hit the coveted No. 1 spot on The New York Times bestseller list, reaching a new sales milestone.
Since being released last year, the book quickly sold more than 100,000 copies, becoming an Amazon #1 Best Seller. Newsmax also reported that it reached #4 on Barnes & Nobles list of the Top 100 best-selling books.
The new first place ranking will appear in the April 21 issue of The New York Times Book Review.
The ObamaCare Survival Guide: The Affordable Care Act and What It Means for You and Your Healthcare is the first comprehensive but easy-to-understand road map of the 2,700-page law officially called the Patient Protection and Affordable Care Act.
The Guide details how taxpayers will foot the bill for nearly half of Obamacares funding in the form of new taxes and fees, and individual and employer penalties.
Already insurance premiums are rising dramatically due to Obamacare mandates, and the guide offers solutions for individuals and businesses facing spiraling healthcare costs.
The book notes that new requirements, as the individual mandate, will start next year. And soon, many healthcare plans will be hit with a 40 percent surcharge tax.
Perhaps the number one group affected negatively by the new law are those on Medicare, the book says.
Most importantly, the book explains how readers can protect themselves against the harmful aspects of Obamacare.
Many provisions of Obamacare have already rolled out and there are many more to come so its not an overstatement to say that this law will affect everyone in this country, author Nick J. Tate tells Newsmax.
The Obamacare law “fundamentally changes the way healthcare is delivered, restructures it, he adds. The way you will interact with your doctor, your insurer, your hospital will fundamentally change, so this book attempts to give you the roadmap to get the best bang for your healthcare dollar.
ObamaCare Survival Guide is of vital interest in particular to the uninsured, seniors and Medicare users, young adults, business owners, prescription drug users, medical professionals, Medicaid recipients, doctors, and union members.
Newsmax says: The ObamaCare Survival Guide is the first and best road map for you to understand the new law. Every American is affected by Obamacare making this book essential to you and your family.
Donald Trump has endorsed the book, saying: “The ObamaCare Survival Guide is terrific. It lays out the truth about Obamacare. A must read for anyone who is worried about getting good healthcare for themselves or their employees.”
More than 300,000 Americans have gotten a copy of the ObamaCare Survival Guide which has been topping bestseller lists for months. In addition to the New York Times list, the Guide has been among the bestsellers on Amazon, ranking No. 1 on Amazon.coms list of the best-selling books in three categories.