Side Effects: IRS and Businesses Unite Against Obamacare?

Kathryn Nix / July 13, 2010

The Internal Revenue Service (IRS) recently unearthed yet another undesirable side effect of Obamacare—one that will hit the taxman as well as business owners.

The Taxpayer Advocate Service, “an independent organization within the IRS whose employees assist taxpayers,” reports that both the IRS and taxpayers will have trouble complying with the health care law’s extensive new tax reporting regulations.

The regs will affect 40 million businesses, from international mega-corporations to Mom-and-Pop shops on Main Street. The Taxpayer Advocate Service says it “may propose administrative or legislative recommendations to modify the provision.” (more…)