IRS and Taxpayers To Bear Burden of New Healthcare Compliance

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The new healthcare law requires the IRS to administer giving tax incentives for those who purchase medical insurance. This is the government’s move to encourage every American citizen to be properly covered by insurance in view of the rising costs in healthcare. To fund this scheme, the government has also imposed a new law, set to take effect in 2012, where every business and tax-exempt organization is required to report all purchases of goods and services above $600 to the IRS. But all things considered, the IRS has neither the ability nor the structure to adequately oversee such a massive initiative.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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