Tax Update Accounting Expert
The Affordable Care Act and What You Need to Do!
As 2017 comes to a close we are still hoping that the ACA gets canned. But no matter,
because President Trump's Executive Order says that there will be no fines, penalties or taxes
regarding the ACA. In fact the exact words are "no fiscal burdern for individual or employer until
the ACA is repealed." Even though the IRS is trying to still ask people for the 8962 to see if they owe
a payment because they got "too much credit" and assume since it hasn't passed yet that it won't.
That still does not negate the Executive Order. Of course the IRS has become known as "Idiots Reign Supreme"!
Also, President Trump just signed two more executive orders letting individuals and businesses buy across
state lines. Another Executive order says they are not going to pay the insurance companies to prop them up
as they have made too much money at the peoples expense!
I have noticed especially this last year that the only ones who are getting fined are those that aren't poor enough
and cannot qualify for Washington Basic Health or have an employer plan. But anyone in the "marketplace" is getting
screwed! First off, the 1095A's are wrong. When I put the correct amount of payment they made and change the correct amount
of credit that it would have been, they owe nothing. So if your accountant or tax preparer did not change anything you lost.
Check how much you actually paid on your bank statements. Then look at the 1095A. For some clients they were hundreds of dollars
Come to me and we will do a 1040X and put in the correct figures and get your money back!
Note: This should have been a silent return which means they are not even supposed to ask any questions regarding the ACA!