Daily Tax Update - July 10, 2015: Final Regulations Issued on Healthcare Coverage of Preventive Services

Final Regulations Issued on Healthcare Coverage of Preventive Services:  The Departments of Labor, Health and Human Services, and the Treasury issued final regulations under section 2713 of the Public Health Services Act, added by the Patient Protection and Affordable Care Act and incorporated into the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code.  The final regulations address coverage of certain preventative services and the process an eligible organization uses to provide notice of its religious objection to the coverage of contraceptive services.  The final regulations finalize provisions from prior interim final regulations issued in 2010 and proposed regulations issued in 2014.

Democrats Seek Investigation of Federal Contracts to Inverted Company:  Seven Democratic lawmakers sent a letter to the Department of Homeland Security inspector general to initiate investigations into federal contracts being awarded to Ingersoll Rand, a company that inverted in 2001.  Under federal law, companies that have used tax-avoidance strategies are not eligible to compete for and win federal contracts to sell products and services to the U.S.  The letter was signed by Rep. Rosa DeLauro (D-CT), Rep. Lloyd Doggett (D-TX), Sen. Dick Durbin (D-IL), Rep. Sander Levin (D-MI), Sen. Jack Reed (D-RI), Sen. Sheldon Whitehouse (D-RI), and Sen. Elizabeth Warren (D-MA).