Health Care Legislation and CPAs

March 2010 Health Care Law

The health care legislation enacted in March 2010 and the lengthy guidance that has been issued and is still to be issued presents a lot to know.  While there are several tax provisions that tax preparers have been focused on, there are upcoming penalties starting in 2014 and other coverage actions for employers and individuals to start evaluating this year.

I think this is something every CPA firm has to be on top of. Ideally, one person should be the "go to" person to understand the tax issues, as well as the penalty provisions (IRC 5000A and 4980H), and other employer rules. Clients will likely want objective information from their CPAs and perhaps help in running projections. Auditors will need to know if any discslosures are needed in financial statements.

I have a short article on this topic in the AICPA Tax Insider today (2/14/13) - Health care law presents new opportunities for CPAs.  Take a look.

What do you think?