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.