November 07, 2014 // Franchising.com // Virginia Beach, VA – In an effort to help Americans understand the tax implications of the Affordable Care Act (ACA) and to offer health insurance enrollment assistance, Liberty Tax Service (NASDAQ: TAX) and its franchisees will open many of their offices across the country on November 15.
The 2014 Tax Year is the first in which Americans and legal residents in the country will be required to show proof of health insurance coverage as part of their income tax return. According to IRS Commissioner, John Koskinen, the implementation of the ACA, along with other factors, could make 2015 one of the most complicated tax seasons in a long time.
"We could see early on how the new law would make the tax process more complex for taxpayers," said Liberty Founder and CEO John T. Hewitt. "We understood that it was a game-changer. It has created an intersection of taxes and health insurance, so we have adjusted our business to help our customers from beginning to end with enrolling in insurance and filing their taxes."
Liberty Tax Service created a team of ACA specialists who spent months evaluating the law, offering training on its requirements, and adding insurance agents to many Liberty Tax offices. The early opening will allow Liberty to provide ACA seminars to taxpayers, assist those who need to complete an application for exemption from coverage, and to help enroll people in health insurance coverage. Enrollment in the Health Insurance Marketplace begins on November 15 and runs through February 15, 2015.
Liberty will also be able to assist those who have already enrolled in coverage through the Health Insurance Marketplace but may need to update their status before year's end. Status updates, such as a change in family size or household income, will help the insured to avoid receiving too much or too little payment from the premium tax credit.
Liberty's goal is to make what appears to be a difficult tax season as smooth as possible for individual taxpayers.
Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. (NASDAQ: TAX) is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises and has prepared almost 18 million individual income tax returns in more than 4,400 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 35,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.
SOURCE Liberty Tax, Inc.
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