Obamacare penalties and IRS tax debts

Obamacare penalties and IRS tax debts

Obamacare is confusing enough on it's own, but it's also important to understand how it will affecting any past or future tax debts. If you need assistance with you tax issue, don't hesitate to contact us. http://ift.tt/1TUcrWR Obamacare imposes a penalty on individuals if they don’t carry health insurance and don’t qualify for an exemption. The maximum Obamacare penalty for 2015 is $975, but is increasing to $2085 in 2016. The penalty is called the “Shared Responsibility Payment,” or “SRP.” The IRS is in charge of administering assessment and collection of the SRP. But, due to how the law was written, the IRS does not have the same ability to collect the SRP as it does with unpaid income taxes. They can levy or garnish bank accounts and wages to pays for tax debts, but for these Obamacare penalties, the IRS is usually left to intercepting refund checks, if any. Many people have owed or will owe taxes along with an SRP. The problem is that new IRS tax debts default tax settlements — both installment agreements and Offers in Compromise. So how does the SRP work with both accepted and proposed installment agreements and Offers in Compromise? In this video, Attorney Parent and Claudine discuss the following scenarios: If you have an existing installment agreement and you incur additional SRP penalties only. Will this default your agreement? If you have an existing installment agreement and you incur an SRP and new tax liabilities. Would this default your existing Installment Agreement? If you owe taxes and SRP and want to get an Offer in Compromise accepted, can you roll in the SRP? (and should you?) And finally, if you had an Offer in Compromise accepted, but you have have just been assessed with an SRP. Will this SRP default your Offer in Compromise? If you need assistance with an Installment Agreement, Offer in Compromise, or any tax issue, contact us at 888-727-8796 or info@irsmedic.com. Your information will be kept confidential and is subject to the attorney client privilege. IRSMedic, the Law Offices of Parent & Parent, LLP Servicing US taxpayers worldwide http://ift.tt/24xCz51 http://youtu.be/I8IQuDt0H5Y IRS Medic