Tax Preparers Must Verify Health Coverage On 2014 Forms

Starting in January, people will have to indicate on their 2014 tax forms whether they have health coverage.

It falls to the IRS to determine who is covered and who is fibbing to avoid the Affordable Care Act’s penalty for not holding insurance, though the tax agency is not issuing new guidance to outline how preparers must verify that a taxpayer has a minimum level of coverage.

While preparers typically ask for supporting documentation, they have latitude depending on the question.

Source: Politico


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