There are 147 million taxpayers who need Affordable Care Act (ACA) tax compliance guidance. That’s a big undertaking, even for the most ambitious of us.
Over the past few months, we’ve talked with many of our customers about what’s top of mind as we head into tax season. Resoundingly, tax pros are voicing that the ACA – more commonly known as Obamacare – is the biggest challenge they face this tax season. Helping clients understand its implications and avoid costly penalties is crucial.
One hundred percent of tax professionals are required to understand the intricacies, deadlines, penalties and implications of the ACA, yet only about 7 percent of you feel “very prepared” for the new tax requirements and changes. This is unsurprising when you account for the additional 2,400 pages of new tax code.
As you help your clients this tax season, we want you to be in the 7 percent of tax pros who feel prepared for the ACA. In fact, we want that number to grow. That is why we partnered with tax pros like yourself to create Understanding the Affordable Care Act, a website with checklists and resources for yourself and your clients, as well as “How the Affordable Care Act Impacts Your Taxes,” a guide you can download as a PDF to help inform you of potential changes and ensure that you understand how the ACA might impact your clients’ tax situation this year.
As you get into the thick of tax season, we hope you will let us know if there is anything we can do to make this guide more robust and valuable to you.