Prepares Tax Professionals For Second Year of Affordable Care Act

Today Intuit Inc. (Nasdaq: INTU), maker of Intuit
Tax Online®,
and Lacerte®,
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 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
    self funded.
  • 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.

. creates business and financial management solutions that
simplify the business of life for small businesses, consumers and
accounting professionals.

Its flagship products and services include QuickBooks®
and TurboTax®,
which make it easier to manage small
and tax
preparation and filing
provides a fresh, easy and intelligent way for people to manage their
money, while Intuit
Tax Online
, ProSeries®
and Lacerte®
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
, Canada,
the United
, India
and other locations. More information can be found at

Source: Intuit Inc.

Intuit Inc.
Debra Hammer, 858-215-7568