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Can the IRS seize my assets for neither having health

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Second opinion] Can the...

Second opinion] Can the IRS seize my assets for neither having health insurance or paying the penalties.

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Ohio

Accountant's Assistant: Has anything been filed or reported?

I file returns every year but haven't had insurance since 2014. I simply paid what I owed for income tax. I got a letter from the IRS today. I was under the impression that the penalty was under the honor system but that the IRS couldn't actually do anything to you. They want either proof that I have insurance or an exemption or pay the penalties.

Submitted: 8 months ago.Category: Tax
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Answered in 1 hour by:
9/22/2017
Tax Professional: emc011075, Tax adviser replied 8 months ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,697
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

Obamacare, or ACA is still the law of the land and you are required to have minimum health insurance. President Trump issued a temporary executive order (until the Obamacare is replaced or senate fails to repeal and replace it) that the IRS is not allowed to initiate any collection process for balance due resulted from failure to have health insurance or audit your return because you did not disclose on your tax return (check the box) that you had or had not required insurance. However, if the IRS audit your return for any other reason they have right to ask for proof of insurance and you are required to provide it or pay the penalty. Because of the executive order the IRS cannot put a lien on your property (a standard procedure if you owe back taxes) or levy your wages but the IRS can still keep your refund.

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Tax Professional: emc011075, Tax adviser replied 7 months ago

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

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