If you’re feeling confused and overwhelmed by the requirements and paperwork mandated by the Affordable Care Act, then you’re not alone. Many other small business owners and representatives are in your same boat, and one congressman is attempting to do something to help.
Representative Sam Graves (R-Mo.) is the chairman of the House Small Business Committee and, in a recent letter to Internal Revenue Service commissioner John Koskinen, he’s asking the IRS to do more to help educate small businesses on exactly what’s required of them.
“In mid-September, the Internal Revenue Service (IRS) published numerous draft forms and instructions for compliance with the tax provisions of the Affordable Care Act,” Graves wrote. “These documents are lengthy, complex and confusing to tax preparers who serve America’s small businesses.”
The forms he’s talking about are IRS Forms 8965 and 8962, which will be required of millions of small business owners who may need them to claim their applicable exemptions and are 15 and 12 pages long, respectively. Not only are the forms lengthy, but Graves notes they’re missing pertinent information like when taxpayers must apply for their exemptions, how decisions about the exemptions will be communicated, how those decisions can be appealed, and when the exemption will expire.
Graves also queried, “Most small businesses do not have tax advisors, attorneys or accountants on their staff. They must rely on outside assistance to navigate these complicated tax rules. On all of the above issues, is the IRS working with HHS to educate small business owners about these new forms and issues? What steps has the IRS undertaken to listen to the concerns of small business owners and their tax preparers?”
He ended his letter by requesting a response by October 22, 2014 so that small businesses can have ample time for tax preparations. We’ll keep you posted on the outcome. You can learn more about the Congressman’s actions by reading this recent article from Health Insurance Exchange, and you can see the letter in its entirety by clicking here.