Watchdog: Taking Obamacare Subsidy Increases Likelihood Of An Audit
If you’re eligible for an Obamacare subsidy for health insurance, but you can afford the premiums without government assistance, you might want to consider just footing the bill yourself. Watchdog.org reports that accepting subsidies will increase the likelihood you will be audited by the IRS.
The government hasn’t told you this subsidy comes with a price — even more intrusion into your everyday life, said Joshua Archambault, a senior fellow with theFoundation for Government Accountability.
“What people don’t know is that their potential for being audited goes up dramatically,” Archambault said. “You have to release twice as much personal information than an applicant for private insurance and, depending on your income, you could actually end up owing upwards of $10,000 or more.”
Archambault has studied Obamacare extensively and his findings can be found on website his foundation created, UncoverObamaCare.org. In a report co-written with a tax attorney, ObamaCare Tax Credits and the IRS, Archambault said President Obamahas asked for $440 million and 2,000 more agents for the Internal Revenue Service, ostensibly to stem an increase in tax-credit fraud.
But many of these new agents presumably will be auditing people if past history is any indicator. A 2012 congressional report by the IRS’ taxpayer advocate revealed that 69 percent of the people who claimed tax credits for an adoption were audited. Of those taxpayers, 55 percent were found innocent of wrongdoing and were even owed money, the report said.
The Obamacare nightmare is only just beginning.
Source: http://lonelyconservative.com/2014/01/watchdog-taking-obamacare-subsidies-increases-likelihood-of-an-audit/
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