The IRS released several pieces of guidance under the Affordable Care Act (ACA) on July 24. The IRS released final and temporary regulations (T.D. 8693) under sections 36B and 162(l), providing rules for calculating the premium tax credit and allowing married taxpayers who are domestic abuse victims to receive the credit without filing a joint tax return. The IRS also released Revenue Procedure 2014-37 in conjunction with the temporary regulations.
The IRS also released final and temporary regulations (T.D. 9684) relating to the fee under section 9008 of the ACA imposed on covered entities engaged in the business of manufacturing or importing branded prescription drugs. The IRS released additional guidance on this fee in Notice 2014-42.
Finally, the IRS released Revenue Procedure 2014-46 explaining the calculation of the monthly national average premium amount of bronze-level coverage under section 5000A(c)(1)(B) of the ACA. This amount provides a cap on the tax penalty faced by households that do not obtain minimum essential health insurance coverage. For 2014, the monthly amount is $204 per individual.