Allow me to take the headache of understanding the Affordable Care Act, lack of previous years’ filing and Form 3115 from you. These are current issues that impact many, yet lack comprehensive clarity.
Have you ever wondered “What is up with the new laws and how does it impact me?” you are not alone. These are questions that many have, yet get frustrated with the IRS-speak that ‘answers’ these questions.
Affordable Care Act
Although I am fan of affordable healthcare for all people, I am not a fan of requirements that then penalize individuals who do not find “affordable” defined the same way. Starting with 2014 tax returns, the impact of this legislation will be felt by the individuals filing their personal returns. On your return we will be able to ascertain if you meet any of the exclusions, what penalty if any you may face and if you receive a subsidy, if you owe or not.
With Form 3115, they have taken what was a much easier choosing of accounting methods and made it completely convoluted as they are asking for accounting methods for one portion of a business but not another. 20 pages of instructions have left me a tad cross-eyed and they will not be winning a Pulitzer anytime in the near future.
I do not understand what the issue is with offering clear, concise and legitimate instructions, but they are unable to do so. Allow me to decipher if your business or personal returns will be impacted by this change and the filing of Form 3115.
Not filing returns
Too often I see folks who get ‘scared’. They ‘think’ they will owe tax in a given year, thus not prepare or file the return. That year turns into a new year and then another year. If you are in this situation, you are not alone. Let me walk you through the process and get the returns prepared and filed. In my years of preparing tax returns, I have yet to see the ‘ostrich’ approach work in a client’s favor. If you haven’t filed for years and are fearful, I am here to help. We will walk through the process of getting you and/or your business in compliance. Most importantly remember you are not alone and there is a way through these issues!