The Internal Revenue Service has just released draft instructions for
two forms to support taxpayer compliance under the Affordable Care Act.
People who enrolled in a discounted health insurance plan through healthcare.gov or
their state exchange will use form 8962 to verify they received the
correct tax credit amount. Taxpayers who claim an exemption from the
individual mandate must file Form 8965.
The following statement can be attributed to David Williams, chief tax
officer, Intuit Inc. (Nasdaq:INTU).
“The draft instructions just released by IRS are thorough and, as
expected, provide the tax industry guidance to develop software that
will simplify Affordable Care Act compliance for millions of Americans.
ACA forms and instructions are extensive, and many will use this to
spread fear and uncertainty among the country’s hardest working citizens
in an attempt to convince them to part with their hard-earned money and
pay someone else to complete these forms for them.
We disagree. At TurboTax, it’s our job to simplify Affordable Care Act
paperwork and do the hard work for American taxpayers. The ACA is in our
sweet spot. We simplify the complex, translating tax code into
easy-to-answer questions that give people the confidence they can
navigate the ACA and empower them to make the right choices for
themselves and their families. In fact, that’s what TurboTax has been
doing for more than 30 years, helping people make sense of complicated
federal regulations so they can keep more of their hard earned money.”
About Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks®, Quicken®
and TurboTax®, which make it
easier to manage small
businesses and payroll
finance, and tax
preparation and filing. Mint.com provides
a fresh, easy and intelligent way for people to manage their money,
while Demandforce® offers
marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit's
leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year
2013. The company has approximately 8,000 employees with major offices
in the United States, Canada,
the United Kingdom, India and
other locations. More information can be found at www.intuit.com.