For Tax Professionals, Seven Myths About ObamaCare

By:  Chauncey Hutter, Jr

Myth #1ObamaCare (The Affordable Care Act) will be repealed or ACA will not go into effect … so as a tax professional I don’t need to worry about it

Myth #2
The one year delay in the ACA Employer Mandate pushes back my need as a tax biz owner to get up-to-speed on ObamaCare

Myth #3
ObamaCare Does NOT Affect My Client Base [See Scenario A, B or C]

· Scenario A [I only have lower income clientele]

· Scenario B [My clients are mostly middle income]

· Scenario C [Higher income clients make up my tax practice]

Myth #4
Since the main tax forms related to ObamaCare don’t go into effect until Tax Year 2014 (or Jan ’15), I can delay my education for a while

Myth #5
I realize there is Significant Confusion on the topic of ObamaCare heading into open enrollment on October 1st, but taxpayers will be contacting other people for answers, not me

Myth #6
I understand the ObamaCare qualifications are very complicated and the potential for fraud with this new program are much higher than normal, but I’m just the tax preparer – I won’t be held accountable for this tax season’s returns [beginning Jan ‘14]

Myth #7
Just because H & R Block recently announced they are getting into the insurance business next month isn’t a sign Healthcare is going to impact my tax business as early as this Fall

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