As we move into the home stretch of tax season, the general verdict of practitioners seems to be that there have been no huge surprises or speed bumps thus far in 2016 — which isn’t the same thing as saying that it was easy.
“Making sure you have all the records you need is the biggest challenge preparers face when dealing with clients,” according to Dave Kautter, partner-in-charge of the Washington National Tax Office at Top 10 Firm RSM US. “This year, the one wrinkle is the [Affordable Care Act],” he said. “Some people will struggle with respect to ACA requirements. For many it’s not a problem because they just check a box that says they have health care coverage and that will be the end of it, but if they’re trying to claim an exemption or if they have an individual shared responsibility payment or they’re entitled to the premium tax credit, there are some new things. That will be an area where taxpayers will stumble to get new forms and get everything right.”
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