President Trump signed into law on October 24 the SUPPORT for Patients and Communities Act (H.R. 6) (P.L. 115-271), which includes a provision providing a new religious exemption from the individual mandate under the Affordable Care Act (ACA, or Obamacare). The requirement to maintain basic health coverage is sometimes referred to as the “individual mandate.” The individual mandate has been eliminated after 2018. The exemption applies to individuals who are members of a religious sect or division which is not described in Section 1402(g)(1) of the ACA, who rely solely on a religious method of healing, and for whom the acceptance of medical health services would be inconsistent with their religious beliefs. The provision changes Code Sec. 5000A(d)(2)(A) and is effective for tax years beginning after Dec. 31, 2018.
More answers
Michigan Issues Guidance on New Law on Reporting Adjustments From Partnership Level Audits
by Peter G. Pupke, Esq. The Michigan Department of Treasury has issued a Notice providing additional guidance regarding recent legislation …
IRS Issues 2023 Tax Inflation Adjustments
The IRS announced inflation adjustments for tax year 2023. The items adjusted for annual inflation include tax rate schedules, the …
PBGC Releases FY 2022 Annual Report, Biden Names Advisory Committee Members
The Pension Benefit Guaranty Corporation (PBGC) on November 15 released its Fiscal Year 2022 Annual Report. (PBGC Press Release No. …