Final Regs ACA

[Lion EA]

National Association of Enrolled Agents IRS just--like 5 minutes ago--released final regs (covering some 75 pages) on the requirement to maintain minimum essential coverage required by the Affordable Care Act (and other laws).

The final regs provide guidance to individual taxpayers on the Section 5000A shared responsibility payment (required for those who do not maintain minimum essential coverage).

http://www.ofr.gov/OFRUpload/OFRData/2013-21157_PI.pdf

www.ofr.gov

[Guest Taxed]

I will wait for the reader's digest version for use with my clients if needed.

[Jack from Ohio]

At the Atlanta IRS Forum, the IRS clearly insinuated that as tax professionals, we are to school our clients on the proper methods for obtaining coverage, and teach them how to choose the correct coverage as part of our services. They also insinuated that we should do this as a "service" to our clients without charge.

Teaching people how and what insurance coverage they should or should not purchase is WAY outside my profession as a tax preparer. I will gladly inform them about tax ramifications of their choices as it is part of my tax preparation fees.

I am considering offering a clinic with a minimal charge to teach everyone what the IRS just finally released.

[jainen]

>>do this as a "service" to our clients without charge<<

I for one will not charge for that service.

It's no different than advising clients who to name as their beneficiary or heir, what entity to use for their new business, when to buy or sell stocks, how to structure their mortgage, or where to retire. Clients expect all these services, and I never charge for ANY of them.

Of course, I never perform any of these services either.

[Guest Taxed]

>>> They also insinuated that we should do this as a "service" to our clients without charge.

I seriously doubt IRS actually said that. But like Jainen I will not charge my clients to provide guidance related to ACA to the extent it impacts my state residents.

[mcb39]

National Association of Enrolled Agents IRS just--like 5 minutes ago--released final regs (covering some 75 pages) on the requirement to maintain minimum essential coverage required by the Affordable Care Act (and other laws).

The final regs provide guidance to individual taxpayers on the Section 5000A shared responsibility payment (required for those who do not maintain minimum essential coverage).

http://www.ofr.gov/OFRUpload/OFRData/2013-21157_PI.pdf

www.ofr.gov

This is OT, but I had to share. Yesterday, my cat received a postcard from NAEA addressed to Annie (my Last Name). Now, of course, she thinks she is the office manager rather than the greeter.

[Jack from Ohio]

>>do this as a "service" to our clients without charge<<

I for one will not charge for that service.

It's no different than advising clients who to name as their beneficiary or heir, what entity to use for their new business, when to buy or sell stocks, how to structure their mortgage, or where to retire. Clients expect all these services, and I never charge for ANY of them.

Of course, I never perform any of these services either.

Dealing with finances and dealing with healthcare insurance are totally different. Decisions I help my clients make about taxes, money and finances will NOT have the same affect decisions about healthcare insurance. If I make an error, or things go badly with finances, the only issues at hand are money. If I give clients information about healthcare insurance choices, there could be health or even life threatening results if the choices are bad.

I do not think E&O insurance will cover lawsuits about healthcare insurance or health related results.

[Guest Taxed]

>>> If I give clients information about healthcare insurance choices, there could be health or even life threatening results if the choices are bad.

We are not expected to dive that deep into medical procedures etc. I get asked this question each October by a few of my clients who are new enrolees or changing insurance companies in our exchange. Once you know how the exchange works it is pretty easy. Also I am expecting the exchanges to have robust FAQ and a live operator support.

If you still feel uncomfortable you can point them to the state navigators.