Tag Archives: Patient Protection and Affordable Care Act

H&R Block’s CEO Bill Cobb Is Being Pro-Active

This demand could seem a little weird considering it comes from an organization specializing in tax preparation and earning by way of filing millions of tax returns. Still, H&R Block’s CEO (Bill Cobb) gave a statement Tuesday saying he supports making the 74,000 pages of tax code substantially less intimidating.

On CNBC Cobb told ‘Squawk Box’ that there are indeed several ways of making the tax code a lot simpler. He also added that be believes it’s nonsense to break up a code that is so long just because it seems too complex.

While all of that was going on, the GOP front-runner that everybody knows well, Mr. Donald Trump, stated that he’d like to put H&R Block totally out of business. He wants to streamline our tax system by putting in revenue neutral proposals.
Cobb, however, is proposing that rather than change the rules of the tax code, that we need to figure out how to administer the social programs. H&R Block’s CEO explained the tax credits have been designed for everything in there, ranging from the ‘Earned Income Tax Credits‘ to ‘Obamacare’. They are all run according to the tax code. He believes that it’s not the rate but it is the ‘refundable credits’ that make the thing so complex.

H and R Block photo

Photo by jcrakow

Obamacare Will Either Help or Hurt You, Depending on Your Situation

Cobb also noted that the bottom line for many taxpayers is how much they get from the government. He says that out refunds average around $3,000 and to most U.S. citizens it’s like their yearly bonus. He says our citizens enjoy two busy seasons, one when they’re having their taxes done and another when they’re getting the refunds back.

On Tuesday in New York, Cobb was on Wall Street to ring the opening bell. The goal of this visit was to draw attention to the newest service put out by ‘Block Advisors’ (new company that helps with highly complex tax returns, financial planning, and tax preparations for small businesses).

Health Insurance And Your Taxes

Tax filing season will be here before you know it, and there is a big change on the tax forms that almost 50 percent of Americans aren’t aware of. Tax filers will be required to verify that they have health insurance when they file their 2014 taxes, or face a penalty.

An Intuit TurboTax survey carried out by Harris Poll among over 2,000 people aged 18 or over found that around 48 percent of Americans are still unaware of this new Obamacare rule.

Health Insurance

Tumisu / Pixabay

The deadline to avoid having to pay a penalty for the 2014 tax season has already been and gone, although 87 percent don’t actually realize that. However, about 62 percent of Americans without health insurance do realize that they will have to pay some sort of penalty for not having current and valid health insurance.

Sacha Adam, the TurboTax representative in charge of the affordable care act pointed out that most Americans simply don’t register or don’t understand the important relationship between their taxes and their health care. This is despite the fact that open enrollment is still taking place at the moment.

People living in the southern states are less likely to have health insurance than those living in other states, although about 90 percent of all Americans have health insurance.
Premium tax credits have been designed to make health insurance more affordable for families on a low to moderate income, although almost 50 percent of all Americans are not aware of these.

Almost 75 percent of those who bought health insurance through the health insurance open marketplace say that they will renew their insurance the next year. TurboTax has a strong presence in the San Diego area and the company offers information and tips on Obamacare and many other tax and health insurance topics at TurboTaxHealth.com.