Affordable Health Act Instructions Issued for Tax Preparers

This tax season will be slightly different with the new Affordable Health Cara Act in full force. Here is some preliminary info on the forms that will be needed to be completed.

If you are a Zip Refund preparer then all of this will be in the easy to use process in the software!

IRS Issues New Instructions for Obamacare

WASHINGTON, D.C. (SEPTEMBER 23, 2014)

BY MICHAEL COHN

The Internal Revenue Service has issued new draft instructions, notices and a publication to help taxpayers and tax practitioners deal with the Affordable Care Act.


Get access to this article and thousands more…

All Accounting Today articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, podcasts, blog discussions, and conference discounts. Registered members may also choose to receive our exclusive Tax Pro Today e-newsletters covering the latest breaking news, opinions from industry leaders and developing trends.

accounting-today

Healthcare Form May Delay Tax Season For Some

Good info for tax preparers to add to their education packet to clients for this upcoming season.

 

 

HEALTH

 

 

noImage-1JULY 06, 2016
Villegas torn between PGA Tour card and Olympics
Camilo Villegas is torn between trying to keep his PGA Tour card and playing for Colombia in the Olympics. Villegas said in …

 

 

 


robert-mcdonaldJULY 06, 2016
Panel: VA should sharply expand private health care for vets
The Department of Veterans Affairs needs “fundamental, dramatic change” to improve the health care it provides to more than …

 

 

 


austin-jack-decoster-peter-decosterJULY 06, 2016
Court backs jail for Iowa egg executives in salmonella case
A father and son whose Iowa-based egg production company caused a massive 2010 salmonella outbreak can be required to serve …

 

 

 


noImage-1JULY 06, 2016
US to raise cap for docs prescribing opioid addiction drug
The Obama administration is increasing the number of patients whom doctors can treat for opioid addiction with a medication …

 

 

 


noImage-1JULY 05, 2016
Brendon de Jonge out of Olympics to try to keep his card
Brendon de Jonge of Zimbabwe withdrew from the Olympics on Tuesday because he didn’t want to miss two tournaments in his bid …

 

 

 


noImage-1JULY 05, 2016
Tainted water prompts Capitol officials to offer blood tests
Lead-contaminated water in the drinking fountains at a U.S. Capitol office building has prompted officials to offer blood …

 

 

 


noImage-1JULY 05, 2016
Judge: Kansas can’t cut Planned Parenthood’s Medicaid money
Kansas cannot cut off Medicaid funding for two Planned Parenthood affiliates, a federal judge said Tuesday. U.S.

 

 

 


ZikaFears-1JULY 05, 2016
Amid Zika fears, bug repellent supplier named for Rio Games
Consumer products maker SC Johnson says its OFF! brand has been named the official insect repellent supplier for next month’s …

 

 

 


paul-ryan (2)JULY 05, 2016
Guns, immigration and Zika top agenda as Congress returns
Gun control, immigration and money to combat the Zika virus top the congressional agenda as lawmakers sprint toward the …

 

 

 


noImage-1JULY 05, 2016
NIH funds study of Zika infections in US Olympic athletes
Researchers will study some U.S. athletes for Zika during the summer Olympics and Paralympics in Brazil, to better understand …

 

 

 


noImage-1JULY 05, 2016
Texas teen loses part of leg when 180 sparklers explode
A Texas teenager who lit 180 sparklers that were taped together needed to have part of his leg amputated and suffered burns …

 

 

 


FDA-1JULY 05, 2016
FDA approves first dissolving stent for US patients
A medical implant that slowly dissolves into the body could be the answer to long-standing safety concerns with devices used …

 

 

 


Apple-1JULY 05, 2016
Apple urges organ donation via new iPhone software
Apple wants to encourage millions of iPhone owners to register as organ donors through a software update that will add an …

 

 

 


noImage-1JULY 04, 2016
Practice surgeries go virtual at Chicago medical center
Rush University Medical Center in Chicago is adopting virtual reality technology to train its obstetrics and gynecology …

 

 

 


Cali-pot-1JULY 04, 2016
California pot exhibit aims for debate on provocative plant
It’s known as Mary Jane, ganja, Chronic and even the sticky icky and has been featured in countless movies, including one …

 

 

 


Texas-1JULY 03, 2016
Texas accused of ignoring mentally disabled in nursing homes
It took more than 40 years for Leonard Barefield to finally get to choose where he lived. The intellectually-disabled Texas …

 

 

 


oj-briganceJULY 03, 2016
Also fighting ALS, OJ Brigance to pay tribute to Lou Gehrig
Former Baltimore Ravens linebacker O.J. Brigance will take his personal fight against ALS to the baseball diamond on the 77th …

 

 

 


NewCigs-1JULY 02, 2016
New cigarette taxes could be on ballot in hesitant states
An entire generation has come of age since the last time Missouri raised its cigarette tax, from 13 cents a pack to 17 cents, …

 

 

 


CDC-Amoeba-1JULY 01, 2016
CDC: Amoeba didn’t die in whitewater center’s murky churn
The chlorination and filtration systems at an artificial water rapids course where Olympic kayakers train were inadequate to …

 

 

 


noImage-1JULY 01, 2016
Obama urges Congress to pass Zika prevention bill
President Barack Obama says a vaccine for the Zika virus could be developed in “fairly short order” if Congress acts quickly …

 

 

 

 

Mail-com

IRS Start Date 2014 is January 31

Although this is the latest ever the IRS has started accepting returns, they seem to think it will not affect the season significantly. They recently announce their start date to be Jan 31, 2014 for the first efile acceptance. They will not be accepting any returns including paper before that and if someone files by paper, it is more likely to take even longer to get processed.

Last year the season started a week earlier on Jan 24th but this was also later than normal. However, last year the IRS seemed have a good reason with all the last minute tax code changes that occurred with the bill from Congress. This year their are no such changes, so why do you think they have delayed it another week than the initial announced delay and do you think this will be a regular occurrence annually?

IRS start date

IRS Delays Tax Season For the Second Season In A Row

This past week the IRS announced they will be delaying tax season for the second year in a row. Based on the government shutdown, the IRS feels they can not be ready to start accepting returns on January 21, 2014 and must push out the start date a week or two. Some groups including the NCCPAP feel this is ridiculous as there have been no tax law changes and are taking appropriate actions to have tax season start on time including appealing to the IRS to do so…but don;t hold your breath on that.

Based on the politics of the nation changing regularly, tax preparers might want to be ready for anything when it comes to timing this 2014 tax season. There is still a chance that the government will shut down again after the holidays if Congress can not come to agreement on the the debt ceiling and Obamacare, so tax preparers should keep apprised to our site and to the IRS site in order to help their clients the best.

irs delays

Tax Preparers and Obamacare

This upcoming tax season tax preparers will be responsible for discussing the health care mandate under Obamacare and this is sure to cause some confusion. Obamacare states that everyone has to have health insurance or pay a fine. The fine starts out minimal (under $100) and year year will increase for those uninsured.

Tax software companies have been adding health insurance related products for preparers to share with their clients so are you ready for this upcoming change in the Tax industry? You can review the Obamacare mandate compliance form here.

obamacare and tax preparers

 

Why Start Your OWN Tax Business Instead of an Hourly Job

There are several means to locate a tax preparer job based upon the sort of work you are looking for in regards to tax obligation prep work. If you are a tax preparer, you realize that this type of position is periodic, nonetheless, it could additionally be quite lucrative. Although you may be looking for a job, have you thought instead of starting your own tax business? It is not that hard.

Tax preparer jobs come in various styles and will certainly include the by the hr tax job. This kind of task is often either helping a independent tax Certified Public Accountant firm or a large franchise business such as HR Block, Jackson Hewitt, or Liberty Tax, among others. These kind of tax obligation jobs can be great for when you are first starting out or are willing to leave some money on the table for some sort of feeling of protection. The huge franchise business usually provide a hourly pay ranging from about $8-$12 each hour and a little bonus at the end of tax period based on amount. These rewards are generally around 3 % if you are lucky.

Another type of tax preparer work, is one where you can work your own hours and at your very own pace with the assistance of a huge label. This kind of tax preparer work is where you are paid as an independent agent and supplied a 1099 rather than a W2, and it is the easiest way to start your own tax business.. When trying to find an independent tax deal, you will find that most will provide you software program and the majority will certainly additionally have the bank products for your customers, however there are really couple of that will certainly provide you expert advertising and marketing product. These independent tax opportunities likewise generally require you to pay some upfront fee. The ones that do not bill any kind of up front charges probably provide you less of a portion for your contract. It is rare to discover both a great percent  for each return done and also excellent support, no advance costs, and an expert feel and look. Although unusual, it is feasible.

So, what are the advantages and disadvantages of functioning as a tax preparer as a hourly staff member vs. working as a tax preparer as an independent professional? It actually boils down to personal individualities. Some personalities need security and will exchange independence and financial possibility for that security. The leading franchise business will usually provide that protection of having an once a week paycheck, however in some cases protection is not even a safe bet with the franchise business as if a particular tax obligation franchise is slower one year, you might find they set their tax preparers off or reduce their hrs. As a result, you will often obtain some hours depending upon exactly the longevity you have been with them and the quantity of clients they have. You also will certainly walk-ins that you could create a partnership with over time.

Nevertheless, actually, an independent tax preparer business has way much more individual advantages and the only point you have to have or have the ability to obtain is clients. If you have the best marketing and a reasonable marketing push, you will have the ability to get customers. A monetarily comparison instance would certainly be if you worked a 40 hour week full time for 14 weeks at $10 hour you would make $5600, although that will not be your take home pay. As an independent tax preparer, if you were  compare having your own tax business as an independent tax preparer, one customer a day for the exact same 14 weeks and you made just $100 per each client as your portion (just an example as you make more usually) you will only have to do 84 returns to make $8400 that you get directly with no tax obligations withdrawn upfront.

Consequently, taking a look at it in this way, you can make your own hrs, work much less time, have much less tension, help yourself, be a 1099 employee that has the ability to declare tax obligation write-offs, make more cash, and have more flexibility than before when working in an independent tax preparer task in your own tax business. Isn’t  it really it time to take your tax planning job future in your hands? What are you waiting for? Apply to be an independent tax preparer today with your own tax business.