Taxpayers get penalty relief for incorrect premium tax credit advance payments

[Elrod]

The IRS announced Monday that it will provide automatic penalty relief for taxpayers who, when they reconciled advance payments of the premium tax credit they received for 2014 (which were paid as premiums directly to insurance providers) to the amount of the credit they are entitled to on their income tax returns, find they owe additional tax they are unable to pay or owe a penalty for underestimating the amount of tax due (Notice 2015-9).

 

 

http://journalofaccountancy.com/news/2015/jan/irs-advance-payments-penalty-relief-201511697.html