New Documents Help Tax Preparers

The Internal Revenue Service has released three documents designed to assist tax preparers in working with their clients, and best practices with regard to Individual Shared Responsibilities and Premium Tax Credits.

• The ACA Information Center for Tax Professionals provides general resources, but also a checklist of information that should be communicated to individual clients, business clients and payroll clients.

• Affordable Care Act - Individual Shared Responsibility Provision – § 5000A. This document represents best practices for practitioners to gather necessary information to use in preparing 2014 tax returns for their clients, including information that may be helpful to demonstrate compliance with the ACA’s new health coverage requirements.  Under the individual shared responsibility provision of the ACA, all individuals are required to have qualifying health care coverage (called minimum essential coverage), qualify for an exemption, or make an individual shared responsibility payment, or SRP, with their Federal income tax returns. 

• Affordable Care Act – Premium Tax Credit (PTC) – § 36B. This document represents best practices for practitioners to gather necessary information from their clients for use in preparing 2014 tax returns, which include health coverage information.

Source:  Internal Revenue Service at linked pages.