IRS Loses $67 Million Set Aside For PPACA Enforcement
Well, this is embarrassing:
Hoo boy…this isn’t going to go over well.
The IRS has seen its summer from hell extended into autumn, as a report issued today by the Treasury Inspector General for Tax Administration (TIGTA) revealed that the Service cannot account for $67 million that was set aside in a slush fund to help pay for Obamacare.
Obamacare – or more formally, the Patient Protection and Affordable Care Act – adds several new taxes to the Code, as well as the requirement that beginning in 2014, most individuals must carry a minimum amount of health insurance or be required to pay a sum to the IRS upon filing their tax return. Perhaps you’ve read about this so-called “individual insurance mandate,” and if you’re a Republican, perhaps it’s caused you to spend an inordinate amount of your free time over the last three years typing in all caps on various message boards.
From 2010 through 2012, the IRS’s $488 million cost of implementing Obamcare was paid for by the Health Insurance Reform Implementation Fund (HIRIF), a slush fund set up by the Department of Health and Human Services.
TIGTA took it upon itself to conduct a little audit to ensure that the Service had the necessary processes in place to properly account for the Obamacare-directed costs. Things did not go well. In the report was this little nugget:
TIGTA also found that the IRS did not track all costs associated with implementation of the ACA including costs not charged to the HIRIF. Specifically, the IRS did not account for or attempt to quantify approximately $67 million of indirect ACA costs incurred for Fiscal Years 2010 through 2012.
What word is appropriate when you lose track of nearly $70 million dollars? Somehow, “whoops” doesn’t seem to cut it.