Is President Trump's first executive order directing the federal government to scale back regulations, taxes and penalties under President Barack Obama’s healthcare law, the Affordable Care Act (ACA) going to affect filings for 2016 tax year? Can't really find any breakdown what this entails.
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I am not even reading this until there is some guidance on it. I am ignoring it. -
This order is a joke, not accomplishing anything.Comment
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The answer is NO
From my reading of today's paper the answer is no. Most likely it won't even affect 2017.Comment
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The EO only ordered the IRS or other federal agencies to scale back the regulations and enforcement of them. It did not change the actual law itself. If the reporting requirements you're concerned about are directly contained in the ACA itself, then the EO would have no affect. However, if they are the result of regulations issued by various agencies, then you might choose to risk not following them. However, I would not advise any client to do that and would prefer to wait and see if part or all of the ACA is actually repealed by Congress. Unless and until that happens, it is still the law of the land.Roland Slugg
"I do what I can."Comment
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from the order
"exercise all authority and discretion available to them to waive, defer, grant exemptions from, or delay the implementation of any provision or requirement of the Act that would impose a fiscal burden on any State or a cost, fee, tax, penalty, or regulatory burden on individuals, families, healthcare providers, health insurers, patients, recipients of healthcare services, purchasers of health insurance, or makers of medical devices, products, or medications."Believe nothing you have not personally researched and verified.Comment
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Don't agree. Depends which client you are talking to - some small business owners don't think so.Originally posted by Gretel View PostAlways cite your source for support to defend your opinionComment
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We really don't know whether the EO is significant at this point (3 days into the administration). It might just be P/R fluff, signifying nothing. It could also be a shot across the bow, notifying the various agencies that they had better begin devising administrative exceptions to provide transitional relief for some of the ACA penalty nonsense. If their leadership fails to follow through before legal reforms are instituted, they might find their jobs/promotions/budgets in jeopardy."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Trump's order certainly isn't going to help the understaffed IRS enforce the code as it stands now.Todd Fogelberg, EAComment
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The ACA was passed by legislation, i.e, Congress. As mentioned above, it does not change the law. How can a President direct an agency by fiat, not to enforce that law? I do not have a copy of the legislation to read, but I assume it is that document that mandated the penalties for failure to have insurance, and delineated the exemptions, etc. Or was all this left up to the IRS to determine?Comment
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It was actually passed by a super-majority of Congress, despite the rigged Senate system that gives the minority dis-proportionate representation. The will of the people was clear. The ACA never affected about 85% of the population in the first place, as they already had coverage through work or Medicare.Originally posted by Burke View Post
Will the order allow insurers to go back to denying coverage for pre-existing conditions, and kicking 24-25 year olds off their parents' plans? Not surprising that the first action is willfully careless and poorly-thought out, pretty much what one would expect from a noobie.
One item that was never publicized much was the limitation of the IRS to collect the individual penalty other than by refund offset. Maybe if the truth had been told, more people would have accepted it. I suspect it is the employer mandate that is really the focus of this action. As frequent questions in tax pro forums indicate ("how can I fund my retirement plan without including any of my employees?"), small business owners mostly want tax benefits only for themselves, they don't want to share any with their employees."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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Not surprising that the original action was willfully careless and poorly-thought out, pretty much what one would expect from those in power at that time who never read the act before voting on it.Originally posted by Rapid Robert View PostComment
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The truth, if anyone cares, is that the ACA was closely modeled on a Republican-favored plan as embodied in Romneycare in Massachusetts.Originally posted by Lion View Post"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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The truth is that the obamacare has been an unmitigated failure. I had pre existing conditions before obamacare and was able to buy insurance at a reasonable rate. It was a BC/BS PPO. Then, obamacare struck. I can no longer get a PPO plan in Texas. The only type of plan available is a HMO. Only employers are able to offer PPOs. My premium increased from 381.00 for 2016 to 818.00 for 2017. I have a higher deductible. I can no longer see my Dr I have gone to for years because he is not part of the HMO. I have had to pay out of pocket to get some healthcare because the HMO would not cover it.Originally posted by Rapid Robert View Post
As for my clients, they cannot afford to pay the premiums. If they did, they would have 5000.00 to 6000.00 yearly deductible for each person before the ins would kick in. So, if they have a penalty, they pay it and still don't have insurance.
Do not even try to say that this program is working.You have the right to remain silent. Anything you say will be misquoted, then used against you.Comment
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I believe this forum is to discuss the tax implication of ACA, not your personal opinion of the law itself.Comment
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