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The Affordable Care Act created an annual fee on certain health insurance providers beginning in 2014. On Nov. 26, 2013, the Treasury Department and IRS issued final regulations on this annual fee imposed on covered entities engaged in the business of providing health insurance for United States health risks.
The agencyâs latest funding boost follows an increase of nearly $1.5 billion and 1,200 agents already dedicated to the implementation of ACA. More commonly known as Obamacare, the ACA contains 18 separate tax provisions and 47 monitoring functions. It will fall on the IRS to collect taxes and to enforce one of the key provisions of the law â ensuring that every individual in the country has health insurance, and levying a tax on those that do not.