and it has finally come to pass time … the new health care penalty, tax, fee – whatever it is, to be calculated for businesses. Perhaps not the best timing considering the rocky roll out. On the other hand, better to get the bad news 11 months before the next election, when it can be forgotten by the time mail in ballots are sent out.
Notice 2013-76 provides guidance on the health insurance providers fee related to (1) the time and manner for submitting Form 8963, “Report of Health Insurance Provider Information,” (2) the time and manner for notifying covered entities of their preliminary fee calculation, (3) the time and manner for submitting a corrected Form 8963 for the error correction process, and (4) the time for notifying covered entities of their final fee calculation.
For each fee year, the IRS will make a preliminary fee calculation for each covered entity and will notify each covered entity. The notification will include (1) the covered entity’s allocated fee; (2) the covered entity’s net premiums written for health insurance of United States health risks; (3) the covered entity’s net premiums written for health insurance of United States health risks taken into account after application of § 57.4(a)(4); (4) the aggregate net premiums written for health insurance of United States health risks taken into
account for all covered entities; and (5) instructions for how to submit a corrected Form 8963 to correct any errors through the error correction process.
The information reported on each Form 8963 will be open for public inspection. This aspect will be very interesting as various groups pull and then post business’ 8963s.
William Byrnes' Tax, Wealth, and Risk Intelligence 