One could say the “Affordable Care Act,” known as Obamacare, passed December 24, 2010, is the greatest gift ever given to accountants. Not all of the aspects of the bill are yet known, but the one thing we do know is that, according to Chief Justice Roberts, it is a tax. As a matter of fact, it requires as many as 16,000 IRS employees to implement, many of those being tax accountants. That said, thousands more will be required to compile the forms for submission.
Workers Will Be Needed
Some day this is the most complicated tax bill in human history, and it may take years to understand its full scope. For instance, if a Company has over 50 employees, it will need access to a tax attorney to remain in compliance, which will be important since fines become steep in the coming years. The main way to capitalize on these changes is to be a tax accountant. The bachelor’s degree in hand and certification, state, federal, or A.C.A. specifically, will be helpful.
Will this be a short time expansion? The crystal ball is always hazy when you are glancing out into the future, but, since the government has repealed one tax in the past 226 years, it is a good bet that tax accountants services will be needed for decades to come, although computerization will be a job killer in the future, the laws complications require human input at this time.
Where You Can Find Work?
The Federal Government and State Government are the obvious first answers, but corporations, small businesses and any organization will need a full time accountant or ready access to one. Accountants and lawyers have been pouring over the law for two years or more and are still finding new tax problems in it. You should be able to find work in any city, in any state in the country as this law begins to unfold on October 1, 2013.
There are complicated formulas to decide who pays and how much under the law. Walgreen’s recently announced that it would give its employee’s a stipend to acquire health insurance with, thereby outing the onus and the potential fine on the employee. There will still need to be documentation of all sorts to submit to the IRS, and most of those documents will be in the form of financial statements.
The future does look bright for anyone in the tax business. The individual tax return will have to have insurance documentation on it to avoid a fine or to determine how much it is. Certain types of insurance will have a penalty attached; those are the ones that are considered “Cadillac” coverages, today. They will have precise formulas to follow that should make it difficult for the individual to do their own taxes.
The future for both employment and private work seems to be bright. According to several sources, 50,000 new accountants will be needed just to keep up with retirement and new job growth in traditional areas. If you have your bachelor’s degree in accounting, you are ready to go. If you are completing your degree work, keep up on the trends in the next few years to be able to capitalize on the shifting needs of business and government.