The Internal Revenue Service has
recently outlined Affordable Care Act regulations that detailed the monetary
penalties for individuals who do not sign up for health care coverage in 2014. IRS
officials have detailed what will be considered the “minimum essential
coverage” under the Affordable Care Act, as well as a breakdown of the fines
that will be incurred. If taxpayers do not enroll in available health care
programs, they will incur monetary fines as a penalty. Under the shared
responsibility provision of the act, individuals who do not have the minimum
required coverage in a specific month could incur the following proposed annual
fees:
·
$95 in 2014
·
$325 in 2015
·
$696 in 2016
After 2016, the fees will be
readjusted according to the current cost-of-living amounts. For more
information about the Affordable Care Act regulations, visit the websites
linked below. If you have any questions, please contact us!
518 Arbor Hill Rd.
Kernersville, NC 27284
Ph: 336-996-3338
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).
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