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IRS Wants Your Thoughts On The "Cadillac Tax"

08/04/15

  10:05:00 pm, by MedBen5   , 216 words,  
Categories: Announcements, News, Health Care Reform, Taxes

IRS Wants Your Thoughts On The "Cadillac Tax"

IRD Building

The Internal Revenue Services is looking for public input on one of Obamacare's more controversial regulations -- the so-called "Cadillac tax."

Scheduled to take effect in 2018, the tax would penalize employer health care plans that exceed $10,200 for a single person or $27,500 for a family per year. Those limits were established back in 2010, and at the time were more than twice as much as the average annual health insurance contributions made by employers. But as 2018 draws closer and health care costs continue to rise, what once could be deemed "Cadillac" is now closer to, say, "Ford Fusion."

Because the tax has been something of a political hot potato, the IRS has been slow to publish final regulations. Instead, they recently released a Notice calling for public comments on a number of related issues, including who may be liable for the tax and how it is to be paid. You can download Notice 2015-52 at the IRS website.

If you'd like to throw in your two cents about the Cadillac tax, you can do so by regular or e-mail. Forbes.com has everything you need to know about the feedback process; the deadline is October 1, 2015.

As always, MedBen clients who have questions regarding the tax or Obamacare in general are welcome to contact Vice President of Compliance Caroline Fraker at cfraker@medben.com.

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