Common use of ACA Compliance Clause in Contracts

ACA Compliance. The 2010 Affordable Care Act mandates additional reporting requirements for your Federal Individual Income Tax Form 1040. If you have received tax forms (e.g. Form 1095) regarding health coverage or health insurance obtained from the Marketplace, we may require them to prepare your tax return. We will rely on, without independent verification, the information you have provided on the questionnaire to determine your eligibility for credits, application of penalties, and reconciliation of any advanced credit payments where applicable. Some states require verification of health insurance. If this is required for your return, this information must be provided. State and Local Filing Obligations. You are responsible for determining your tax filing obligations with any state or local tax authorities, including, but not limited to, income, franchise, sales, use, property, or unclaimed property taxes. You agree that we have no responsibility to research these obligations or to inform you of them. If we believe you have additional filing obligations upon review of the information you have provided to us or information comes to our attention, we will notify you of this responsibility in writing and ask you to contact us. If you ask us to prepare these returns, we will confirm this representation upon your written request. U.S. Filing Obligations Related to Foreign Financial Assets. As part of your filing obligations, you are required to report the maximum value of specified foreign financial assets, which include financial accounts with foreign institutions and certain other foreign non- account investment assets that exceed certain thresholds. You are also required to make certain information disclosures related to your foreign investments. You are responsible for informing us of all foreign assets owned directly or indirectly regardless of amount, so we may properly advise you regarding your filing obligations. Foreign Filing Obligations. You are responsible for complying with the tax filing requirements of any other country. You acknowledge and agree that we have no responsibility to raise these issues with you and that foreign filing obligations are not within the scope of this engagement.