IRS: ARPA and the Premium Tax Credit

April 10, 2021By Smeriglio Associates LLCNews

A popular health care tax credit is temporarily enhanced by the American Rescue Plan Act (ARPA). The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for health insurance through the Marketplace (part of the Affordable Care Act). Previously, taxpayers with household income above 400% of the federal poverty line … Read More

IRS: Bottlenecks and Backlog

April 9, 2021By Smeriglio Associates LLCNews

The IRS is swamped with a backlog of unprocessed returns, according to a recent report. The Treasury Inspector General for Tax Administration (TIGTA) report stressed that the IRS’s ability to resolve the backlog “could be affected by the need to divert resources to issue additional Economic Impact Payments or an unforeseen closure of IRS Tax … Read More