Obamacare is about to collide with the US-Tax filing season, adding frustration for millions of taxpayers who are trying to figure out how to comply and figure their taxes. The 2014 tax season starts January 20 and because of Obamamcare we will all have more complicated calculations to complete.
The IRS has informed us that refunds will be slower this year. Due to extra work caused from the Affordable Care Act, budget cut backs and layoffs, refunds will take at least a week longer if you get it through direct deposit. Also, these things will make it more difficult to get help from the IRS. Wait times for calling the IRS will be longer and agents will not be able to answer many questions if they feel you can find on the IRS website yourself.
Another problem that is clogging up the system is one that the IRS has been working on for several years now – criminals who steal others refunds by identity theft. This is especially an issue early in the tax season, when criminals can file tax returns and get refunds before legitimate taxpayers even know what happened. In our experience working with people who have had their identity stolen this way, it appears that it happens most frequently with taxpayers that have filed extensions and waited until the last minute to file their taxes.
We are strongly encouraging people to file on time this year – even early to lower the possibility of getting their refunds stolen. We are also reminding taxpayers to remember that the IRS never contacts you by phone. If you get a phone call from someone claiming to be from the IRS, hang up and call the IRS.
At Soulence Tax and Accounting, we are ready to help you through this year’s complicated Obamacare laws and assist you in getting as big a refund as possible as quickly as possible.