The IRS will not require taxpayers to indicate whether they have health insurance when filing their tax returns, a return to the policy the agency had in place in prior years.
The agency reversed a previous decision to require an indication of coverage on tax returns filed this year after President Donald Trump signed an executive order January 20 requiring federal agencies to reduce the burden of the ACA. After accepting returns that did not indicate coverage in 2014 and 2015, the IRS said it had set up a system for this year that would reject tax returns during processing if an individual did not provide health coverage information. The agency decided to continue accepting electronic and paper returns for processing, even if they lack the coverage information, following the executive order, according to an IRS statement released on February 15.
The IRS cautioned that, while the step may be seem to be a weakening of the ACA's mandate, the IRS makes clear that the law is still in force and "taxpayers remain required to follow the law and pay what they may owe." IRS Commissioner John Koskinen has previously said despite the flurry of activity on the Hill regarding the ACA, taxpayers should follow current law until there is a new one.
A House panel on June 29 approved a bill calling for an additional $149 million cut to the IRS budget. The proposal would also limit the agency's oversight of conservation easements, tax-exempt organizations, ...
The IRS is now accepting renewal applications for the ITINs set to expire at the end of 2017. The agency urges taxpayers affected by changes to the ITIN program to submit their renewal applications ...
The IRS, state tax agencies and the tax industry today warned tax professionals to beware of phishing emails purporting to be from a tax software education provider and seeking extensive amounts of sensitive ...
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