The Obama administration’s Affordable Care Act may be changing more than just healthcare in the United States. In fact, many businesses – both large and small – are now dealing with impending federal mandates and wondering how their company will be able to afford healthcare insurance to their full-time workers.
There are 47 tax provisions in Obamacare, including such provisions as a small business healthcare credit and a medical devices tax, which will go into effect in just a few, short months, and accounting professionals who are able to help businesses remain in compliance with these new laws and regulations are an important part of the healthcare equation.
With fears of slim-to-no profit margins and even bankruptcy on the minds of business owners across the country, many tax and accounting businesses are using this as an opportunity to show clients how to minimize both their costs and their taxes as the Affordable Care Act begins to take shape.
Many tax and accounting firms have been forming separate healthcare consulting groups and even online services to help companies determine their costs and their liabilities under the new healthcare laws. The result: an explosion of new business for accountants and tax preparers.
Accountants and accounting firms are helping companies by showing them strategies for mitigating the effects of Obamacare. Because of the large amounts of information, including new laws and regulations, associated with Obamacare (which begins to take effect in full January 2014), many companies have begun seeking out accounting professionals who can interpret these laws and counsel them on their options.
Even the nation’s large tax preparers, like H&R Block, are expected to hire more tax preparers to help clients understand Obamacare and comply with the new laws. Further, everyone from bookkeepers to data management firms are expected to be in demand as companies seek professionals who can keep accurate records.