Babagounj
Strength through joy
DUH
Seems like another part of obamacare isn't working .
http://abcnews.go.com/Politics/wireStory/audit-obamacare-tax-meeting-revenue-target-25042111
An "Obamacare" tax on medical devices is falling short of its revenue target because thousands of companies aren't paying it, according to a government audit released Tuesday.
The audit by the Treasury inspector general for tax administration says the IRS needs to do a better job policing the tax. The tax agency, however, doesn't have adequate tools to identify which companies owe it, the audit said.
The tax took effect in January 2013. For the first six months of that year, the IRS estimated it would collect $1.2 billion from the tax. The audit said the IRS collected only $913 million — 24 percent less than the estimate.
Companies subject to the tax are required to file quarterly tax forms with the IRS.
The IRS estimated it would receive between 9,000 and 15,600 returns for the first two quarters of 2013, the audit said. But the IRS received only 5,107 returns, suggesting that thousands of companies either don't know about the requirements or are simply ignoring them.
Seems like another part of obamacare isn't working .
http://abcnews.go.com/Politics/wireStory/audit-obamacare-tax-meeting-revenue-target-25042111
An "Obamacare" tax on medical devices is falling short of its revenue target because thousands of companies aren't paying it, according to a government audit released Tuesday.
The audit by the Treasury inspector general for tax administration says the IRS needs to do a better job policing the tax. The tax agency, however, doesn't have adequate tools to identify which companies owe it, the audit said.
The tax took effect in January 2013. For the first six months of that year, the IRS estimated it would collect $1.2 billion from the tax. The audit said the IRS collected only $913 million — 24 percent less than the estimate.
Companies subject to the tax are required to file quarterly tax forms with the IRS.
The IRS estimated it would receive between 9,000 and 15,600 returns for the first two quarters of 2013, the audit said. But the IRS received only 5,107 returns, suggesting that thousands of companies either don't know about the requirements or are simply ignoring them.
