Massachusetts ~ Personal Income Tax: Individual Mandate Penalties for 2012 Announced

The Massachusetts Department of Revenue has announced the penalty schedule, to be imposed through an individual’s personal income tax return, for an individual who fails to comply with the requirement of the state’s Health Care Reform Act. Beginning in 2012, an individual who is deemed able to afford health insurance, but fails to comply, is subject to penalties for each month that the individual is uninsured in the tax year. The penalties may not exceed 50% of the minimum monthly insurance premium for which an individual would have qualified through the Commonwealth Health Insurance Connector Authority. Penalty rates for tax year 2012 are based on the Commonwealth Health Insurance Connector’s plan prices as of January 2012. The Department anticipates issuing an updated penalty schedule for tax year 2013.

Technical Information Release 12-7, Massachusetts Department of Revenue, September 25, 2012 , ¶401-410


Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting