The two biggest issues that all taxpayers will have in regards to Obamacare and their 2014 tax return are (1) proving the minimum essential coverage to avoid a penalty and (2) repayment of premium tax credits, assuming receipt of a tax credit that is higher than the taxpayer qualifications show on the 2014 tax return.
Taxpayers should be very careful with (1) do-it-yourself tax preparation software or (2) using a tax preparer that is unfamiliar with the reporting, measuring, and timing provisions of the affordable care act. Based on this article, it is easy to see that there are critical missteps that can occur if information regarding health care coverage is not properly conveyed to the IRS.
About Five Stone Tax Advisers
Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome. Our Tax Preparation and Planning unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact to ensure you stay compliant and pay less taxes.
