The United States Internal Revenue Service (IRS) has successfully developed a plan to implement the new tax provisions included in thefrom global tax news
AffordableObama Care Act (ACA), according to a report released by the Treasury Inspector General for Tax Administration (TIGTA).
TIGTA pointed out that the ACA became effective in March 2010, and contains USD438bn in revenue provisions that are in the form of new taxes and fees. At least 42 of the ACA provisions add to or amend the Internal Revenue Code, and at least eight require the IRS to build new processes that do not exist in current tax administration.
The provisions provide incentives and tax breaks to individuals and small businesses to offset health care expenses. They also impose penalties, administered through the tax code, for individuals and businesses that do not obtain health coverage for themselves or their employees. Other provisions raise revenue to help pay for the overall cost of health insurance reform.
TIGTA conducted an audit to assess the IRS Modernization and Information Technology Services (MITS) organization’s planning efforts in implementing the law. It found that, early on, the MITS organization realized the vastness of the information technology work required by the ACA.
In an effort to meet this challenge, the MITS organization created, staffed, and received funding for a new ACA Programme Management Office (PMO). In addition, the MITS obtained approval of the PMO’s charter and prepared a governance plan. This PMO is responsible for ensuring the proper implementation of ACA information technology changes.
“The new Affordable Care Act provisions represent the largest set of tax law changes in 20 years,” said J. Russell George, the TIGTA. “I commend the IRS for its successful creation of a plan to implement them.”
Tuesday, October 25, 2011
If you think those in government are too powerful and too intrusive.....................
............oh no, wait. Because of the world economy imploding, governments will be tapping the wallets of the earners more and more, here and abroad. We, the earners, will be held accountable with higher taxes and more poorer people to care for. The fact is we are creating a country of poor people. No way will any politician sign on to a flat tax or consumption tax because that means ALL would have to pay some sort of tax which in turn would mean supporting the government's high spending and increasing deficits. The first order of our new president must be to overturn Obamacare.