2021 – 04/12 The IRS recently suspended a requirement to repay excess advance payments of the 2020 Premium Tax Credit (PTC). The action is a result of the American Rescue Plan Act, which was enacted on March 11. The PTC is a refundable credit that helps eligible individuals and families pay for health care coverage through the Marketplace (part of the Affordable Care Act). Excess payments are the amounts by which taxpayers exceed their PTCs. If you already filed your 2020 return, there’s no need to file an amended return. The IRS will reimburse you. For more information, read .
Similar Posts
Employee Retention Credit
2022 – 01/19 Employers who are expecting advance payments of the Employee Retention Credit (ERC) should expect delays, the IRS recently warned. The ERC is a refundable credit enacted and extended by pandemic relief laws. The credit became available to help struggling employers stay afloat and preserve jobs for several quarters of 2020 and 2021….
Student Loan Debt Relief
2020 – 12/14 Taxpayers with student loan debt get more relief. Collection actions and wage garnishments were first suspended as of March 13, 2020 when President Trump declared a national emergency due to COVID-19. The suspension was to expire Dec. 31, 2020. Because of the ongoing economic effects of the virus, the suspension has now…
Family Leave Tax Credit
2021 – 02/09 Are you self-employed and a survivor of COVID-19? If so, you may be able to claim a sick and family leave tax credit under the Families First Coronavirus Response Act. The law allows certain self-employed individuals, who due to COVID-19 were unable to work or telework for reasons related to their health,…
Recovery Rebate Credit
2022 – 01/18 Taxpayers who didn’t receive their third Economic Impact Payment (EIP) may be eligible to claim a 2021 Recovery Rebate Credit on their tax returns based on their 2021 tax year information. The IRS said that individuals may have received their third EIP through initial and “plus-up” payments in 2021. The IRS suggests…
Transferring College Savings Between Students
2021 – 09/21 by Deborah Carroll We ran into a dilemma in funding college for our children. Perhaps our experience will help you assess your own college spending options. We have two kids, each with a Texas Guaranteed Tuition Plan. Child 1 is done with school but has leftover hours in the plan, prepaid tuition…
Nonemployee Compensation
2021 – 06/23 Businesses that pay nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation. Generally, payers must file Form 1099-NEC by January 31. In some cases, nonemployee compensation may be subject to backup withholding. This must be done if a person or…