Income Verification for Insurance Premium Tax Credit Included in Deal to End Government Shutdown

By Alistair M. Nevius, J.D.

Legislation

The law enacted on Oct. 17 to fund the federal government through Jan. 15 and to extend the federal government’s borrowing authority through Feb. 7 (P.L. 113-46) contained one tax provision, making a minor change to 2010’s health care legislation.

The law requires verification of the eligibility of people who receive cost-sharing reductions under Section 1402 of the Patient Protection and Affordable Care Act, P.L. 111-148, or the health insurance premium tax credit under Sec. 36B. The secretary of Health and Human Services is required to ensure that health insurance exchanges verify that individuals applying for the credit or cost-sharing reductions are eligible and must certify to Congress that the exchanges are verifying eligibility. The secretary must to report to Congress by Jan. 1, 2014, what procedures exchanges are using to verify eligibility.

Newsletter Articles

SPONSORED REPORT

Click-Through Nexus: Pushing the Boundaries of Sales Tax Compliance

Sales and use tax compliance has been complicated by nexus expansion. In this report, we provide an overview of this issue and include a handy state-by-state summary of click-through nexus or notification requirements.

PRACTICE MANAGEMENT

2015 Tax Software Survey

See how nearly 5,000 paid CPA tax preparers rated the strengths and weakness of major tax preparation software products they used in 2015.