Late Obamacare Forms Could Be Big Problem for Taxpayers
While you may or may not like Obamacare, the fact is the president’s health care plan has caused problems at tax time since its inception. Apparently, this year is no different. According to a recent report, because of a delay in new tax forms for the health law this year, many taxpayers are facing more confusion.
This year, government programs, insurers and employers are required to send tax forms to consumers, which are used to report whether or not they provided, or offered health insurance that was adequate and affordable. These forms, 1095-B and 1095-C are to help taxpayers with their returns, but they do not have to turn them in with their return.
Unfortunately, for many taxpayers, these forms might not show up until just before the tax deadline, because the IRS has given these entities until March 31 to issue these forms, instead of the usual January 31 deadline.
The good news is that the IRS has said to go ahead and file your return on time even if you haven’t received the required forms. If you make a mistake on your return because you didn’t have the form, the IRS says you won’t have to file an amended return. The other concern is that if any of the forms are inaccurate, which happened last year, or if taxpayers aren’t aware or don’t understand the new rules, then many more problems could arise.
If you aren’t sure how these forms will affect your tax return, or you still haven’t received them, then please contact GROCO for more help.
Top Cities for Food Lovers Around the World
If you’re a foodie, you’ll probably be interested in knowing the top cities for food lovers around the world. Especially those of you that like to travel; well, here are some suggestions. NEW ORLEANS, U.S. Looking for some Cajun and Creole dishes? New Orleans is the place to be. Come taste some fresh jambalaya or…
Which Leadership Traits Do People Want to Follow?
Which Leadership Traits Do People Want to Follow? By Alan Olsen Which Leadership Traits Do People Want to Follow? There are many aspects to being a great leader. And great leaders have many different qualities that make people want to follow them. Being humble, kind, honest, and emotionally intelligent are just a few of the…
How to Network
How to Network I often speak to groups about employees becoming entrepreneurs. Part of this transformation is increasing revenue by bringing in new clients. One question about finding new clients always comes up; “How do I network?” These employees sincerely want to network, they just don’t know how. In an attempt to give a worthwhile…
Basics of Forming a Corporation
Basics of Forming a Corporation If you have decided that the limited liability and the tax structure of a corporation are right for your business, the next step is actually forming the corporation. The law of the state in which you incorporate will dictate exactly what you need to do, but the steps are basically…