IRS Clarifies Penalties For Affordable Care Act Abstainers

Law360, Los Angeles (January 23, 2014, 8:38 PM EST) -- The Internal Revenue Service on Thursday filed proposed regulations affecting individual taxpayers who may be liable for “shared responsibility payments,” or Affordable Care Act tax penalties, for not meeting the requirement to maintain minimum essential coverage enacted by the ACA.

The notice of proposed changes, which will be published in the Federal Register on Monday, comes after the IRS and the U.S. Treasury Department announced in August that those who flout the ACA’s individual care mandate — which requires most Americans to purchase health insurance —...
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