H&R Block CEO Predicts ObamaCare to Cause Problems Next Tax Season

  • Tax Season Problems ACA Compliance

On a conference call reporting H&R Block’s quarterly earnings, CEO Bill Cobb predicts that “clients (will) begin to face complexities in their tax situations resulting from the Affordable Care Act (ACA).” Many taxpayers that use formerly used form 1040EZ to file their taxes will no longer be able to do so because of problems arising from the new forms the IRS released for ACA. Drafts of these new forms were released last July, followed by instructions for them earlier this month.

The instructions, running over 10 pages, gives an idea of just how complex the process of filling out forms 1094/1095-C. “As expected, the forms are very detailed and can present significant complexity, depending on a filer’s coverage status during the year, income level, and household composition.” Under the ACA, also called Obamacare, employers face many new complexities when filing their taxes. Businesses with more than 50 employees must offer health insurance to their employees or pay the fines for being non-compliant.

For guidance in making sure you are ACA compliant, contact us at PAYDAY to help your business offer benefits to your employees.

 

Source: http://eba.benefitnews.com/health-insurance-exchange/news/hr-block-CEO-Foresees-Problems-Obamacare-Tax-Forms-2743656-1.html

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As Director of Operations, Jessica oversees the day-to-day operations for payroll, human resources, tax, finance and client affairs. She also plays an active role in formulating corporate strategy and developing client programs. Jessica believes a company’s success begins with its people. She strives to build a team encompassing excellence and professionalism, and to play a large role in developing the staff on an ongoing basis. Her passion for strong client relationships drives her in ensuring that clients receive the highest level of personal service and the best products in the industry. Jessica joined PAYDAY in 2004, and quickly advanced to Development Coordinator in 2006, when she took charge of Human Resources. She was promoted to Director of Operations in September, 2011.

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