Silence is Golden

Did the IRS just signal the end of Obamacare? Under the Affordable Care Act (ACA), supported by President Obama, the agency would reject tax returns if taxpayers indicated that they didn’t have qualified health insurance, unless they were exempted. If Line 61 of Form 1040 was left silent, the return was to be rejected. The reason: Nonexempt individuals without qualifying coverage would owe a penalty. Now the IRS says that it will process returns whether there’s an entry on Line 61 or not.

Small Business Tax Strategies Vol. 12 No. 4 April 2017