SaraEA Posted October 25, 2014 Report Posted October 25, 2014 Does anyone know of a CE course that covers all the new ACA forms and rules we'll face this coming tax season? Last year I studied all the printouts I could find regarding the Medicare surtax, what constitutes Net Investment Income (remember to mark those K-1s as passive or not), at what income point the tax kicks in, etc. and thought I had a handle on it. Reading about what is required this year has me feeling insecure. New forms, a form for those who got insurance through an exchange (courts still haven't settled whether only a state exchange counts), a form for those who don't have insurance. I have some ideas but am not absolutely sure about how the penalty is calculated. (I'm not one to just trust the software.) I just read that a hardship exemption must be issued by an exchange, which gives the taxpayer a code to be entered on the appropriate form on their tax return. I"M LOST! I need to go to a seminar or webinar and have all this put in one place before me, hopefully with a really good text that I can read and reread as many times as needed until I get it. I almost wish I still worked for Block because I'm sure they've developed a really good course that pulls it all together. I would think the professional associations (NAEA, NATP) would have come up with a course by now but I haven't seen one. Help! Quote
zeros Posted October 25, 2014 Report Posted October 25, 2014 Good post. I think there is quite a few looking for the same thing. I was hoping they would defer the implementation of this program (ACA) for one more year. How to handle the situation if you have full coverage instructions is coming out later, as I understand. Right now, I plan on terminating those clients with partial or no coverage. Also, getting rid of some EIC clients. I'm getting close to retirement anyway why not make my life easier...... Quote
ILLMAS Posted October 25, 2014 Report Posted October 25, 2014 I just signed up my associate for this seminar today: https://checkpointlearning.thomsonreuters.com/CourseFinder/CourseDetails/6154?source=CourseList Also Kiplinger had some good information for tax preparers on ACA reporting. Quote
Lion EA Posted October 25, 2014 Report Posted October 25, 2014 I would check the NAEA and NATP webinars and your local chapters for live education. If in the northeast, the NY/CT-ATP has a November dinner meeting on the topic. Check with your software also. I'm leaving at dawn for CCH's User Conference, and ACA will be covered in their Update course. I'd guess the CCH courses will find their way into webinars soon. Don't stress until after the elections, as Congress may mess around with it some more before it's final anyway! 1 Quote
Jack from Ohio Posted October 25, 2014 Report Posted October 25, 2014 Don't stress until after the elections, as Congress may mess around with it some more before it's final anyway! Not a snowball's chance in Hades that the lame ducks will touch the ACA. Anyone wanna bet? 1 Quote
Lloyd Hudson Posted October 25, 2014 Report Posted October 25, 2014 Not a snowball's chance in Hades that the lame ducks will touch the ACA. Anyone wanna bet? Such A Pessimist Quote
Jack from Ohio Posted October 25, 2014 Report Posted October 25, 2014 Not a snowball's chance in Hades that the lame ducks will touch the ACA. Anyone wanna bet? Such A Pessimist I have a steak dinner at the restaurant of your choice that says no changes to the ACA for 2014. You game? Quote
Lloyd Hudson Posted October 25, 2014 Report Posted October 25, 2014 I have a steak dinner at the restaurant of your choice that says no changes to the ACA for 2014. You game? Positive thinking. No change, just more rhetoric. Unless all incumbents returned to congress then they might start something.. But gridlock was designed into system. Hope that they do not do anything to add to the infringement or destruction of constitution. Leaving politics now. sorry about Jack leading me off topic. 1 Quote
Christian Posted October 27, 2014 Report Posted October 27, 2014 Like everyone else I have been boning up (laughs) on the ACA. I've got a handle on it more or less. Most of my folks are unaffected BUT it finally occurred to me that there are not a few out there who file their own returns who are not going to have a clue as to what to do. Looks like it will be an interesting season. Of course, it's reassuring to know we have this handy forum available. 3 Quote
kcjenkins Posted October 27, 2014 Report Posted October 27, 2014 I expect it will drive some of the 'do it yourselfers' to a professional. Quote
Jack from Ohio Posted October 27, 2014 Report Posted October 27, 2014 Like everyone else I have been boning up (laughs) on the ACA. I've got a handle on it more or less. Most of my folks are unaffected BUT it finally occurred to me that there are not a few out there who file their own returns who are not going to have a clue as to what to do. Looks like it will be an interesting season. Of course, it's reassuring to know we have this handy forum available. I started learning and taking seminars 2 tax seasons ago. There was a ton of information available at the IRS forums. I too, have a good grasp on how, when and what to do. It surprises me how many have waited till 3 months before tax season to start investigating. I do believe that the necessary information you will need will be difficult to obtain, learn and get a handle on in the short time remaining. Just my observed and experienced opinion. 1 Quote
SaraEA Posted October 28, 2014 Author Report Posted October 28, 2014 Jack, the new forms (3 I believe) were released in draft form just a short time ago. Last year we learned about the NIIT and Medicare surtax, and the info was available on what employers needed to do in the line of reporting, credits, etc. For 2015 we're getting into the individual side of it--shared responsibility, minimum essential coverage, exemptions. The Regs just came out, so it's not like we all just woke up. How did you have access to the 2015 details, regs, forms, two season ago? 1 Quote
jklcpa Posted October 28, 2014 Report Posted October 28, 2014 I agree with Sara. I've taken courses offered and have done reading over the last 2 years, but there's no way I'd go into this coming tax season without taking at least another CPE course. I plan to do more than that. Quote
Jack from Ohio Posted October 28, 2014 Report Posted October 28, 2014 Jack, the new forms (3 I believe) were released in draft form just a short time ago. Last year we learned about the NIIT and Medicare surtax, and the info was available on what employers needed to do in the line of reporting, credits, etc. For 2015 we're getting into the individual side of it--shared responsibility, minimum essential coverage, exemptions. The Regs just came out, so it's not like we all just woke up. How did you have access to the 2015 details, regs, forms, two season ago? I agree with Sara. I've taken courses offered and have done reading over the last 2 years, but there's no way I'd go into this coming tax season without taking at least another CPE course. I plan to do more than that. I guess I chose the right IRS classes at the last 2 years forums, and the nearly 40 hours of training from other seminars in each of the last two years has paid off. I don't need the forms to learn how the rules apply to people, what is supposed to be done, and when thing apply and when they don't. All of those things have been in place for at least 2 years. Putting the numbers on the forms is the LAST thing, and the least important thing I need to learn. I know why and what must be on the forms. The rest is elementary. I was proactive, it is that simple. I have obtained over 40 hours of CPE in calendar year 2012 and 2013. Attended the IRS Nationwide tax forum both years. I am well on the way to clearing over 40 hours of CPE again this year. I feel there is no excuse for any tax professional to not be prepared by now, with all the resources that are available. Quote
GeneInAlabama Posted October 28, 2014 Report Posted October 28, 2014 I expect it will drive some of the 'do it yourselfers' to a professional. Or maybe call a professional for free advice. Quote
kcjenkins Posted October 29, 2014 Report Posted October 29, 2014 Or maybe call a professional for free advice. They can't get that unless you CHOOSE to give it to them. This is one subject where there are no short simple answers, so if you're smart, you will not go there. Quote
easytax Posted October 29, 2014 Report Posted October 29, 2014 Does anyone know of a CE course that covers all the new ACA forms and rules we'll face this coming tax season? Last year I studied all the printouts I could find regarding the Medicare surtax, what constitutes Net Investment Income (remember to mark those K-1s as passive or not), at what income point the tax kicks in, etc. and thought I had a handle on it. Reading about what is required this year has me feeling insecure. New forms, a form for those who got insurance through an exchange (courts still haven't settled whether only a state exchange counts), a form for those who don't have insurance. I have some ideas but am not absolutely sure about how the penalty is calculated. (I'm not one to just trust the software.) I just read that a hardship exemption must be issued by an exchange, which gives the taxpayer a code to be entered on the appropriate form on their tax return. I"M LOST! I need to go to a seminar or webinar and have all this put in one place before me, hopefully with a really good text that I can read and reread as many times as needed until I get it. I almost wish I still worked for Block because I'm sure they've developed a really good course that pulls it all together. I would think the professional associations (NAEA, NATP) would have come up with a course by now but I haven't seen one. Help! This may meet your need. I am NOT a member but some are and I believe it has been mentioned here on the forum that they are a decent society. If you're like most experienced tax professionals, you know the basics of the Affordable Care Act - the Individual Mandate, the Premium Tax Credit, the Individual and Employer Shared Responsibility Penalty. But are you ready for the real-world application? Did you know that refunds may be delayed if the forms and worksheets aren't completed correctly? We'll provide you actual forms, checklists and examples of what to expect this tax season.Get the answers to your questions about ACA. Tax season is just around the corner, don't ignore the changes that must be made.Space is limited and spots are filling up quickly! November 4 November 6 Upcoming webinars: The ABCs of Form 3115 Office and Field Exams: An Expert's Perspective The Complicated Issues of Insolvency View all upcoming webinars 1 Quote
SaraEA Posted October 30, 2014 Author Report Posted October 30, 2014 Thank you Easytax. This might do it. I hope there are course materials to print out and review as many times as needed before tax season hits. Quote
MsTabbyKats Posted October 30, 2014 Report Posted October 30, 2014 Can I attach a power point file to this? Please let me know if it's possible. I'm going to a NYS tax seminar tomorrow...and they sent me something equivalent to "Tax Updates For Dummies" (Fed & NY)...which outlines and explains everything. If you...anyone can PM me...and I'll e-mail you the attachment. Quote
jklcpa Posted October 30, 2014 Report Posted October 30, 2014 Can I attach a power point file to this? Please let me know if it's possible. It's possible to attach pdf files on this forum, but you might want to reconsider offering it here since it's most likely meant for distribution to only those that have paid to attend the seminar. Quote
MsTabbyKats Posted October 30, 2014 Report Posted October 30, 2014 It's possible to attach pdf files on this forum, but you might want to reconsider offering it here since it's most likely meant for distribution to only those that have paid to attend the seminar. Seminar is free! I think the govt would like to "spread the word". Quote
Abby Normal Posted October 30, 2014 Report Posted October 30, 2014 Free IRS webinar 11/13: https://events.na.collabserv.com/portal/wippages/register.php?id=d746261d5e&l=en-US Quote
HV Ken Posted October 31, 2014 Report Posted October 31, 2014 The 8/28 ATX Account Bulletin covered this. I was told they announced additional November dates in the Sept bulletin, but I appear to not have received that one. I have the August and October ones. Go figure! Sorting through the Affordable Care Act Your clients are relying on you to answer questions like: • Do I qualify for the new Premium Tax Credit? • Am I exempt? • Am I meeting the requirements of the new law? Be your clients' hero with our Health Care Reform Library. You'll have access to a one-stop, comprehensive solution with explanations, analysis, client letters, decision trees, and other practice aids. Learn More NEW ACA Webinar dates added Be prepared to advise your clients' on the myriad of compliance issues under this complex law. Two new webinars have been added to our upcoming schedule: Affordable Care Act: Understanding the Individual and Employer Mandates Friday, Sept. 26 at 1 p.m. EasternLearn More Affordable Care Act: Understanding and Avoiding the New Tax Penalties Wednesday, Sept. 10 at 1 p.m. EasternLearn More Quote
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