The Internal Revenue Service has lost track of $67 million spent from a slush fund set up to for the implementation of Obamacare, according to a Treasury Inspector General for Tax Administration (TIGTA) report.
A slush fund called the “Health Insurance Reform Implementation Fund” (HIRIF) was included in the healthcare law in order to help the IRS cover the cost of new tax provisions that will come with Obamacare. It contained nearly $1 billion of taxpayer money to roll out enforcement mechanisms for the approximately 50 new tax provisions.
But TIGTA claims that IRS officials failed to account for large sums of money used from the slush fund.
From the report: “We also found that the IRS did not track all costs associated with implementation of the ACA, including costs not applied to the HIRIF. Specifically, the IRS did not account for or attempt to quantify approximately $67 million of indirect ACA costs incurred for FYs 2010 through 2012.”
According to TIGTA, the IRS plans to have spent $360 million on Obamacare implementation in fiscal 2013, which ends Sept. 30.
Despite the lofty sum of taxpayer dollars being pumped into getting the IRS ready for Obamacare implementation, the TIGTA report concedes that the Nation’s tax collection agency “lacks complete information regarding the full cost of [Affordable Care Act] implementation.”
“This lack of complete information on ACA implementation costs limits the IRS’s ability to accurately report to stakeholders the total resources it applied to the ACA implementation and fully estimate the resources needed in the future for this effort,” the report states.
The IRS responded to the report, saying it “takes seriously its obligation to be good stewards of government resources.” The agency agreed with the report’s recommendations and has begun applying them.