EXCISE TAX

REG–118315–12, page 746. Proposed regulations provide guidance on the annual fee imposed on covered entities engaged in the business of providing health insurance for United States health risks. This fee was enacted by section 9010 of the Patient Protection and Affordable Care Act. The proposed regulations affect persons engaged in the business of providing health insurance. The proposed regulations provide an explanation of terms, a description of the reporting requirements, the calculation and notification of a preliminary fee, an error correction process, the final fee calculation and notification, the tax treatment of the fee, and instructions regarding how to claim a refund. A public hearing is scheduled for June 21, 2013.