The Department of the Treasury and the Internal Revenue Service released final regulations (T.D. 9632) Aug. 27 implementing the Affordable Care Act's individual mandate that most people maintain “minimum essential coverage” or make a “shared responsibility payment.”

The regulations entitled “Shared Responsibility Payment for Not Maintaining Minimum Essential Coverage” are effective Aug. 30, when they are scheduled to be published in the Federal Register.

“These final regulations provide guidance to individual taxpayers on the liability under Section 5000A of the Internal Revenue Code for the shared responsibility payment for not maintaining minimum essential coverage,” and largely finalize proposed regulations (REG-148500-12; 21 DTR G-4, 1/31/13) published Feb. 1, the final regulations said.