Liberty Tax Encourages Those With Premium Tax Credits to File Now
VIRGINIA BEACH, VA -- (Marketwired) -- 08/18/15 --
Liberty Tax, Inc. (NASDAQ: TAX) - Taxpayers who received health care subsidies need to file a 2014 tax return now, or they may not be eligible for financial assistance to help lower the cost of health insurance in 2016. Even taxpayers who requested a tax filing extension could jeopardize their health care subsidies if they do not file before October 15. For individuals still needing to file, Liberty Tax offices have Affordable Care Act (ACA) specialists available to help taxpayers file the correct paperwork with the IRS.
"Anyone who received Letter 5591, 5591A or 5596 needs to act quickly and file a 2014 federal income tax return," said Chuck Lovelace, Vice President of the Affordable Care Act at Liberty Tax. "The longer they wait, the longer it will take for their information to get into the system, and that could lead to a gap in receiving their health insurance subsidies."
The IRS recently sent letters to approximately 1.8 million households that received premium tax credits, urging them to file within 30 days of receipt or risk losing their 2016 health care subsidies. About 710,000 letters went to households that did not file a 2014 tax return and did not request a filing extension. The 360,000 households that requested an extension also received a notice. Although those taxpayers have until the October 15 deadline to file their taxes, they could jeopardize their health care subsidies for 2016 if they do not file soon. The remaining 760,000 households filed a tax return but failed to include Form 8962 Premium Tax Credit to account for their health care subsidies.
"This first year of the health care law and its corresponding tax implications has been confusing to many taxpayers," said Lovelace. "We understand that and remain available to assist with any filing needs so these individuals can maintain their subsidy eligibility in 2016."
Liberty Tax has made investments to prepare for the ACA and its impact on taxpayers, including the addition of licensed insurance agents at more than 1,000 Liberty offices to assist customers. Liberty Tax offices are now open and ready to help those who have yet to file or who overlooked necessary ACA paperwork.
To find a local Liberty Tax office, call 866-871-1040 or visit www.libertytax.com.
About Liberty Tax, Inc.
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 20 million individual income tax returns in more than 4,300 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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Source: Liberty Tax, Inc.