Now that the individual mandate for health insurance has been upheld constitutionally, the question remains: How will it be enforced?
The IRS has the ability to offset tax refunds to collect the penalty, but it can’t file a lien against the taxpayer’s assets if he or she doesn’t voluntarily pay up. Furthermore, there’s no provision in the health care law for charging interest to delinquents. The mandate first takes effect in 2014 and will result in a penalty of the greater of $95 or 1% of income above the minimum amount required to file a tax return (but no more than $285).
Don’t be surprised if Congress puts some more teeth into the law to assist IRS collections.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/32986/individual-mandate-for-health-insurance-how-will-it-be-enforced "