Prepares Tax Professionals For Second Year of Affordable Care Act
PLANO, Texas–(BUSINESS WIRE)–
Today Intuit Inc. (Nasdaq: INTU), maker of Intuit
Tax Online®, ProSeries®
announced the launch of the Intuit Affordable
Care Act Resource Center to help tax
professionals assist their individual and small business clients in
understanding the tax and financial implications of the Affordable Care
Act. The Intuit ACA Resource Center, a part of the Intuit
Tax Pro Center, includes easy-to-use guides and tools designed to
make it easy for tax professionals to stay updated on changes in ACA
compliance and requirements for reporting client health insurance status.
The Intuit ACA Resource Center guides include expert analysis from
Intuit tax professionals, a description on new forms and a list of
expected client questions and answers.
“We know that tax professionals get personal fulfillment from helping
their clients and their families,” said CeCe Morken, executive vice
president and general manager of Intuit Professional Tax Group. “The
Intuit ACA Resource Center provides the information tax professionals
need to help their clients not only comply with the ACA, but give them
support and guidance they need to understand how the ACA financially
impacts them. This is just one more way that Intuit helps tax
professionals make a difference in their clients’ lives.”
Understanding the Affordable Care Act
Tax year 2015 marks the second year taxpayers are required to report
their health insurance status on tax returns, and the first time in
which some provisions of the ACA apply to employers. Key changes in 2015
Changes for Individual Taxpayers
1095-A Form: Those who purchased a health insurance plan on
healthcare.gov or a state Marketplace will receive Form 1095-A, which
confirms coverage, premiums and subsidies received to help pay for
health insurance. Intuit’s products make all of the necessary
calculations for reconciliation to make tax preparation easy for tax
professionals. This form is needed for accurate filing.
1095-B and C Form: This year, people who were insured through
their employer, a government program such as Medicaid, or other
private insurance, will most likely receive a new tax form – 1095-B or
1095-C – confirming coverage or offer of coverage. While forms may not
be provided to taxpayers until March 31st, tax
professionals do not need these forms to file 2015 taxes for their
clients, if they know their coverage status for the year. To
independently corroborate a client’s health coverage, tax preparers
can look at insurance cards, Explanation of Benefits, payroll stubs or
Penalty: The fee for not having health coverage in 2015
increased to 5 per adult (2.50 per child) or 2 percent of
household income above the filing threshold, whichever is greater.
Individuals may be able to claim an exemption.
Intuit’s full ACA guide for individual taxpayers can be found here.
Changes for Small Businesses
1095-B: Employers with fewer than 100 employees are not subject
to the employer shared-responsibility provision this tax year and will
not issue form 1095-B unless they offer employee insurance that is
Small Business Health Options Program: Small businesses can
purchase health insurance for its employees through the Small Business
Options Program, or SHOP, through the Marketplace. Employers with
fewer than 25 full-time equivalent employees with average annual wages
of less than ,000 may be eligible for the small business health
care tax credit. SHOP enrollees will not receive a 1095-A.
Intuit’s full ACA guide for small businesses can be found here.
For more timely and valuable articles, resources, and insights that can
help you take your practice to the next level, visit the Intuit
Tax Pro Center.
About Intuit Inc.
Inc. creates business and financial management solutions that
simplify the business of life for small businesses, consumers and
Its flagship products and services include QuickBooks®
which make it easier to manage small
businesses and tax
preparation and filing. Mint.com
provides a fresh, easy and intelligent way for people to manage their
money, while Intuit
Tax Online, ProSeries®
are Intuit’s leading tax preparation offerings for professional
Founded in 1983, Intuit had revenue of .2 billion in its fiscal year
2015. The company has approximately 7,700 employees with major offices
in the United
and other locations. More information can be found at www.intuit.com.
Source: Intuit Inc.
Debra Hammer, 858-215-7568