Compliance Update – Executive Order and Individual Shared Responsibility Provision

Pursuant to the Executive Order regarding the PPACA signed by President Trump on January 20, 2017, the President informed the agencies with responsibilities under the PPACA to minimize the required regulatory burdens to the greatest extent possible within the law for individuals and entities affected by the PPACA. In accord with the Executive Order, the IRS released guidance making it less burdensome for individual taxpayers to file their taxes. Specifically, the IRS had instituted system changes for this year that would have automatically rejected the tax returns of those individuals that failed to provide information regarding the status of their insurance coverage. Pursuant to the Executive Order, the IRS has decided to make changes that would continue to allow electronic and paper returns to be accepted for processing in instances where a taxpayer doesn’t indicate their coverage status. In essence, they are not implementing the automatic rejection system that was set to be deployed for this tax filing year.

Importantly, this does not absolve taxpayers from the requirements of the ACA and to pay whatever they may owe as a penalty for their failure to maintain the proper coverage. It only eliminates the automatic rejection procedure contained within the IRS filing system, thereby giving taxpayers quicker access to their tax returns. The ACA requirements will continue to remain in place until Congress makes changes to or repeals the ACA completely through the appropriate legislative processes.

Read the provision in its entirety HERE.

Tired of trying to figure out the maze of compliance? Contact us today, we are here to help.

The materials and information contained in this email represent the opinions of Alltrust Insurance, Inc. and are for informational purposes only, not for the purpose of providing legal advice.  The opinions expressed in this communication are made based on currently available information and are subject to change at any time.  For advice about a specific legal question or situation in your organization, Alltrust Insurance, Inc. recommends you contact legal counsel of your choice.

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