2 IRS notices contain more health care guidance

06/27/2013 | Journal of Accountancy online

Anticipating that health care reform will be fully in effect next year, the Internal Revenue Service issued more information about two aspects of the new law. First, the IRS defined minimum essential health care coverage for certain government health plans and other coverage to determine whether individuals qualify for the premium tax credit. Second, the IRS issued transition rules to exempt employees from the shared-responsibility penalty if their employers' health care plans are on fiscal years.

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