On October 6th and 7th, officials from several governmental departments—including the Treasury Department—gathered in Washington, D.C. for the American Bar Association’s (ABA) Health and Welfare Benefit Plans National Institute. Officials were given previews to a number of projects, including guidance on the Affordable Care Act.
Among the responses, the Treasury officials found that while notes were given on some proposed regulations including Code Sec. 36B regarding the premium tax credit, further guidance was needed. Per Kathryn Johnson, Treasury Office of Benefits Tax Counsel, “some supported the proposal of the eligible opt-out arrangement concept and those that did asked for additional clarification.”
Further, the FAQ section of the IRS website was deemed “repetitive” in parts, yet the IRS is working to improve several answers, particularly those surrounding Code Sec. 4980H and shared responsibility payments. All of this comes following the IRS’s 2016-2017 Priority Guidance Plan (PGP), which was distributed in August.