Tax experts prepare for intersection of Obamacare, taxes - WKRN News 2

Tax experts prepare for intersection of Obamacare, taxes


Tax experts are talking to clients as they file taxes this year to prepare them for possible penalties for 2014 if they do not have proper insurance coverage.

The Internal Revenue Service is scheduled to start accepting 2012 tax returns on Wednesday.

In 2014, mandates attached to the Affordable Care Act, also called Obamacare, will require people to have health insurance through state health exchanges, private insurers or federal programs like Medicaid or Medicare.

The people who do not have the proper insurance coverage could be assessed penalties when they file their taxes for 2014.

Businesses are also impacted. Depending on the size of a business the company may be required to provide health insurance.

If the company does not comply the IRS could assess tax penalties.

H&R Block is counseling customers about the possibility whenever they prepare a client's taxes.

Tax pro Nicholas Bjornson said even though the tax penalties would not be assessed until 2015, it is important to plan ahead.

"2013 is really the critical time to take action," he said. "Really you should start preparing to know what your situation is and how it will directly affect you."

Bjornson said each person's liability will be different depending on their situation.

A single person's situation will be different from a person who is married or has children.

"It is an important planning tool to make people more aware of the news and keep them in tune with how the Affordable Health care Act is going to impact them for many years," he said.

He said some customers have already been surprised to see they would be required to pay fines if they did not purchase insurance coverage.

On H&R Block's Web site there is also a tool people can access without going into an H&R Block location.

It allows them to calculate their individual situations as well.

The H&R Block location at 2941 Nolensville Road is open year round for people who have tax questions or questions about the Affordable Care Act.

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