VIRGINIA BEACH, VA -- (Marketwired) - Jan. 05, 2015 - Liberty Tax, Inc. (NASDAQ: TAX) - The 2015 tax season arrives with a complicated new partner -- The Affordable Care Act (ACA). This is first year in which the health care law will have tax implications, and Liberty Tax will start it right by inviting customers in on January 7, for food, fun and frank conversation about the ACA and its impact on taxpayers.
More than 1,000 Liberty Tax offices across the country will participate in Taxapalooza, a national roadside party to celebrate the start of tax season. This is a record, with more than triple the number of offices participating than did last year. Liberty Tax's goal is to assure taxpayers that we have the resources and the knowledge to handle all their tax issues, including those related to the ever-evolving ACA.
"The Affordable Care Act is a game-changer," said Liberty Tax CEO John T. Hewitt. "We opened many of our offices on November 15 to help people enroll in health insurance and apply for coverage exemptions. Now, before tax filing opens on January 20, we want to help people really understand how this law will directly affect their taxes this year."
When they file their taxes this year, taxpayers will be required to report to the Internal Revenue Service if they have health insurance. Those who do not have insurance or a coverage exemption will pay a tax penalty. Those who do have insurance and received tax credits will have to reconcile those credits on their tax return. Because the credits are estimates, some taxpayers may be surprised to find that they owe the IRS. A recent article in the Wall Street Journal suggests that about half of the 6.8 million people who received subsidies may have to repay the government, which could lower their tax refund or leave them with taxes due.
Liberty Tax anticipated the complexities of the new health care law and has added a wide range of services to help taxpayers, including free health care reviews and exemption assistance. Liberty Tax also has certified tax preparers who understand the ACA rules and will work to make the merger of health insurance and income tax preparation a seamless process for customers.
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.
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