Day / September 3, 2014

by Hoosier Econ

H&R Block: Yeah Taxes Will Get More Complicated Because of Obamacare

H&R Block confirmed what many predicted would happen with the new health care law enacted 4 years ago: make taxes even more complicated.

Speaking on H&R Block’s quarterly earnings conference call, CEO William Cobb said that the company was already taking steps to train its tax preparers based on the draft forms that the Internal Revenue Service has released to comply with Obamacare.

“As expected, the forms are very detailed and can present significant complexity, depending on a filer’s coverage status during the year, income level, and household composition,” Cobb said. “Depending on their situation, there are instances where filers may need to file multiple new tax forms and complete additional worksheets.”

And he wasn’t he wasn’t finished…

“Depending on the type of exemption, the process to claim it could be quite cumbersome and time consuming,” Cobb said.

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by Hoosier Econ

Colorado Pot Tax Revenue Prediction Goes Up In Smoke

Colorado government tax revenue prediction was off for the first six months of legalized pot sales. They were only off by about 70%.

Via CBS4 Denver –

When voters approved recreational marijuana sales the state predicted it would pull in more than $33 million in new taxes in the first six months. The actual revenue came up more than $21 million short.