As the draft of the IRS’s new “Premium Tax Credit” form (8962) shows, the working poor who must use this form will need to learn college level accounting techniques. The whopping 5 Part form includes 36 questions for a total of 145 data elements! Some tax filing assistance organizations are claiming the new system will add 30% to their labor costs.
Think your off the hook if you’re exempted this year? Nope, check this out!