Exchanges Absorbing Agents?

[Guest]

At first glance one would wonder, why not just use ehealth or someone to set this stuff up since they already do this? But then you realize all of this data has to cross several govt agencies because of the subsidies and the mandate if it holds. I am not an expert on this, but I would also think that for exchanges to work like they are supposed to, every single American would have to be tracked yearly (their income, their employer, whether they got married, divorced, died, had another kid, where they live, did they move, etc etc etc). Very Big Brother. Next thing you know they will be checking your medical records.

I just don't see how the agent fits into this. Unless they are paying $10 hour and they think we will work for that.

 

[CHUMPS FROM OXFORD]

The agent does not fit into the equation. Well...most agents. The vast majority.

 

[Yagents]

Exchanges will be more complicated, and in need of agent services. You really think a consumer will understand the tax credit calculation. Hell, I couldn't tell you my MAGI, but I assume it's the same as my AGI. Most people don't even know what AGI is (bottom line 1040). Brush up on these differences and you'll be a hero come exchange time.

PPACA: Income Formula Change Might Save Billions | LifeHealthPro


PPACA now calls for the government to use "modified adjust gross income" (MAGI) when determining whether taxpayers are eligible for the premium assistance tax credit.
Today, MAGI equals ordinary adjusted gross income (AGI), plus any tax-exempt interest received or accrued during the tax year, plus any amounts that citizens or permanent residents exempt from taxable income because they have been living abroad for part of the year.
Ordinary AGI excludes Social Security for unmarried individuals with less than $25,000 in gross income and couples with less than $32,000 in gross income.
H.R. 2576 would change MAGI – the figure used in the premium tax credit eligibility formula -- to include any Social Security benefits that a taxpayer receives that are excluded from ordinary taxable gross income, JCT analysts say

 

[Guest]

The question is, will clients need agents, or an accountant? Or a combination of both? My accountant has already expressed an interest in getting his insurance license. We have talked informally of teaming up. Maybe we should make it more formal.

 

[Yagents]

Put accountants on the endangered species list if Cain's 999 plan becomes the new tax code. Even I can calculate 9% of my gross income.

 

[Guest]

Put accountants on the endangered species list if Cain's 999 plan becomes the new tax code. Even I can calculate 9% of my gross income.

Ain't it the truth. I might even be able to do my own corp return.

 

[b61mack]

Are you adding the state tax, 9 +7=16%,nj...ny 8%. pa 6%. we would all have to move to delaware 0%. Also remember they are not going to disrubt, how the government gets paid,now