On March 6, Jeffrey Schneider, EA, NTPI Fellow was quoted in Accounting Today regarding tax preparation requirements of the ACA or Obamacare.
Since Jan. 1, 2014, individuals must have health insurance for themselves and their dependents. Most people only have to check a box on their 1040 to indicate they had coverage. Those who don’t have health insurance for one or more months during the year may have to pay an additional tax, the individual shared responsibility payment. Americans who do not have health coverage may qualify for an exemption from the penalty for being uninsured.
If you’re a good preparer, of course, you already know all this. Your question: How will the new filing requirements affect your fee?
“No doubt the act will affect our billings and what we charge our clients,” said Jeffrey Schneider, an Enrolled Agent at SFS Tax & Accounting Services in Port St. Lucie, Fla. “I’m sure that clients will want me to help them. This is, however, outside of tax preparation. If we do want to help them, that is extra time and there should be extra fees. Also, all legacy prepares (EA, CPAs and attorneys) have to complete a 7216 Disclosure Statement if we want to help the clients.”