Charleston, WV, August 27, 2015: Tax resolution specialist attorney Jeffrey T. Jones, founder of the Law Offices of Jeffrey T. Jones, and best-selling author of “Protect and Defend” has posted a new article on his website entitled “If You Overpaid The Affordable Health Care Act Tax Penalty, You’re Not Alone.” The IRS coffers are flush with funds that taxpayers paid unnecessarily, and chances are according to Mr. Jones, that those mistaken payments will stay at the IRS.
Jones starts his blog with a salutation, “Welcome to a group consisting of more than 300,000 taxpayers who overpaid the Affordable Health Care Act Tax Penalty. The average overpayment was $110 according to National Taxpayer Advocate Nina Olson in her midyear report to Congress. The overpayments totaled more than $35 million.” (http://www.taxpayeradvocate.irs.gov/news/)
Devised as a way to make sure everyone has healthcare, Jones states, “The tax penalty is imposed according to the Individual Shared Responsibility Payment (ISRP) if an individual or family does not have healthcare insurance. The minimum penalty is $95 per person ($47.50 for each child under age 18) up to a family maximum of $285 or 1% of household income if that is greater.”
It’s easy to understand the confusion as Jones elaborates, “Among this 300,000 strong group are many who didn’t have to pay anything at all, along with those who miscalculated and paid too much.” Jones continues adding, “Rest assured, the IRS is not going to take the initiative to return the overpayments to taxpayers. They are understaffed as it is. However if you did pay or overpay, you can take action to get your refund. If you overpaid and filed your return with a computer program you should be able to prepare and file an amended return.”
According to Jones, “If you had an attorney or paid tax preparer file your returns, you had a better chance of not overpaying. But even that is no guarantee.” He adds, “This brings me to another important point as you think about next tax season, which is also addressed by Ms. Olson. “Tax return preparers who are not CPAs, enrolled agents or attorneys were formerly permitted to represent taxpayers on a limited basis before the Internal Revenue Service concerning returns that they had prepared. This will no longer be the case beginning Jan. 1, 2016, unless they have received a Record of Completion of the IRS’s Annual Filing Season Program.” (http://www.taxpayeradvocate.irs.gov/news/5-tips-for-choosing-a-tax-preparer?category=Tax%20News&taxissue=1046(
As Jones makes clear, “This is highly relevant considering the fact that more than half of U.S. taxpayers hire someone to prepare and file their taxes. In the event of an audit, if the person who prepares your taxes is not an Enrolled Agent, CPA, or tax attorney they will not be able to represent you without that Record of Completion”
The entire article can be read at http://www.jeffreytjones.com/if-you-overpaid-the-affordable-health-care-act-tax-penalty-youre-not-alone/
About Jeffrey T. Jones
Jeffrey T. Jones has more than 25 years of experience and served as the former President of the West Virginia Association for Justice and is a Personal Injury, Wrongful Death and IRS Tax Attorney in Charleston, West Virginia. In his work, he helps individuals and businesses resolve their IRS tax problems. He is the author of the bestselling book “Protect and Defend.” He has also written Special Reports dealing with business payroll taxes and ways to solve your IRS problems.
About the Law Offices of Jeffrey T. Jones
For quality, dependable legal representation, clients throughout West Virginia rely on the Law Offices of Jeffrey T. Jones, PLLC in Charleston, West Virginia. Our office serves clients from Charleston to Huntington, from Beckley to Princeton and as far as Clarksburg. We take a personal interest in each client’s case and if they have a question or concern they know they can call and personally speak with an attorney. Personal service is what we offer to all of our clients.