“Accountants need to discuss with their clients whether they are covered and then do due to verify that coverage,” said Michael D’Avolio, CPA, Senior Tax Analyst, Intuit’s Professional Tax Group. In 2016, all three forms will be mandatory to file for tax year 2015. Forms 1095-B and 1095-C are optional this year and will come from the taxpayer’s insurance provider and employer, respectively. Form 1094-A will be sent to anyone who purchased healthcare coverage from the market place. To ensure compliance with the ACA, accountants will need to file new forms for their clients.
However, for the other 36 percent of taxpayers, filing taxes this year could get confusing.
government estimates that 94 million people are covered under some sort of health insurance plan, which means they or their accountant won’t have to worry about penalties, exemptions or the premium tax credit. This comes right on time for the estimated 147 million taxpayers expected to file this year. The financial solution provider has updated its Lacerte, ProSeries and Intuit Tax Online professional tax products to address ACA compliance. For many Intuit customers and their clients, there’s help. It’s the height of tax season and the Affordable Care Act is on everyone’s mind as they try to figure out what that means for their taxes.