Proposed regulations - Minimum essential coverage, rules on shared-responsibility payments for individuals 

January 23:  The Treasury Department and IRS today released for publication in the Federal Register proposed regulations (REG-141036-13) concerning the requirement to maintain minimum essential coverage enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, as amended.

These proposed regulations [PDF 238 KB] apply to individual taxpayers who may be liable for the individual mandate penalty for not buying health insurance coverage that satisfies the minimum essential coverage requirements. These rules may also affect employers that have employees subject to international executive agreements.

Comments concerning the proposed regulations are due 90 days after publication in the Federal Register (scheduled for January 27, 2014). A hearing is scheduled for May 21, 2014.

Notice 2014-10

In a second development, the IRS issued an advance copy of Notice 2014-10 [PDF 15 KB] which provides section 5000A transition relief for individuals with certain government-sponsored limited-benefit health coverage.

©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Direct comments, including requests for subscriptions, to
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

Share this

Share this