| IRS Principal Deputy Commissioner Discusses Affordable Care Act Tax Credits with Tax Committee | |
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On Aug. 1, IRS Principal Deputy Commissioner Danny Werfel spoke to the House Ways and Means Committee about IRS efforts related to the premium tax credits that will be available to individuals and families who purchase health insurance through the Health Insurance Marketplace (Marketplace), beginning in 2014. The tax credit will help people who purchase health insurance through the Marketplace by offsetting the cost of the insurance. Werfel explained how the IRS (who is responsible for administration of the premium tax credits) will share information with the Department of Health and Human Services (which will operate the Marketplaces). Transactional information will be transmitted to the IRS over secure, encrypted channels and will include the cost of coverage, and information on any advance payments of the premium tax credit made during the coverage year. While certain identifying information, such as name and Social Security number, is required to support the processing of returns, no personal health information will ever be provided, Werfel said. | |
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