Tax Tip From Robert Hoberman

Posted on July 23rd, by Hoberman & Lesser in Tax Department, Tax Planning, Timely Articles.

This month, the Supreme Court agreed to hear a challenge to the constitutionality of certain parts of the Affordable Care Act. If the court rules that some or all of the ACA is unconstitutional, then you MAY be entitled to request a refund of certain taxes you have already paid that were imposed under the ACA. The Supreme Court will start hearing arguments in October of this year. We do not know how they are going to rule and what the implications will be to you at this time. However, you may want to file a protective claim for 2016. It must be mailed within three years of the date that you filed your 2016 tax return, in order for you to preserve your potential rights to file a refund claim. You can also file a protective claim for 2017, 2018, and 2019 at the same time.

We will continue to monitor this situation and react as quickly as possible as the events unfold.

If you have any questions, please feel free to contact us directly.