Sunday, August 12, 2012

Obamacare IRS Audits

Obamacare IRS audits are coming. The Supreme Court ruling that allowed Obamacare to go forward described the law as a tax. This definition means Obamacare IRS audits could become commonplace as you try to prove not only that you have health insurance, but you have the RIGHT KIND of health insurance as determined by the government.
As reported by Fox news:
The IRS now gets to know about a small business's entire payroll, the level of their insurance coverage -- and it gets to know the income of not just the primary breadwinner in your house, but your entire family’s income, in order to assess/collect the mandated tax.
Plus, it gets to share your personal info with all sorts of government agencies, insurance companies and employers.
It get's worse.
Nina E. Olson, who runs the Taxpayer Advocate Office [TAO], a federal IRS overseer, has warned the new health law may require more IRS intrusions on taxpayer privacy, to determine whether individuals got appropriate health coverage, and whether small businesses provide “affordable” coverage, all of which is defined by the government.
That’s because the health-reform law’s individual mandate requires almost all legal residents of the United States to have “adequate” health-care coverage, as determined by the federal government. And it requires businesses of all sizes must provide “affordable” coverage as defined by the federal government.
Still not concerned?
The TAO has noted Americans must now tell the IRS under the new law:
    *Insurance plan information, including who is covered under the plan and the dates of coverage;

    *The costs of your family’s health insurance plans;

    *Whether a taxpayer had an offer of employer-sponsored health insurance;

    *The cost of employer-sponsored insurance;

    *Whether a taxpayer received a premium tax credit; and

    *Whether a taxpayer has an exemption from the individual responsibility requirement.

Those Obamacare IRS audits will be as much fun as a colonoscopy.

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