Michael Lloyd's Testimony Before the IRS on Minimum Essential Healthcare Coverage Quoted in Tax Notes Today

"IRS Hears Recommendations on Minimum Essential Healthcare Coverage Regulations"
Tax Notes Today
11.20.13Michael Lloyd was quoted regarding proposed regulations on minimum essential healthcare coverage. Speaking as part of a public hearing before the Internal Revenue Service (IRS) Lloyd discussed improving regulations under U.S. Tax Code Section 6055, which requires providers to report coverage information to the IRS. "Effective rules are necessary," said Lloyd, who was speaking on behalf of the Blue Cross and Blue Shield Association (BCBSA). Noting that the regulations will apply to much of the population, Lloyd said the BCBSA proposals attempted to "strike a balance between making the process effective, efficient, and administrable while concurrently ensuring that the government retains authority to enforce compliance." BCBSA also recommended that the IRS adopt special TIN solicitation rules, Lloyd said, explaining that current rules under Section 6724 are unworkable for a variety of reasons. Also taking part in the IRS hearing were representatives from multiemployer pension plans, the insurance industry, and state governments.
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