The premium tax credit (PTC) is a refundable tax credit that assists individuals and families in paying for health insurance obtained through a Marketplace (Healthcare.gov) and was established under the Affordable Care Act (ACA). Recent COVID relief legislation, the 2021 American Rescue Plan Act, (or ARPA) that was just recently passed in March 2021 made […]
On Monday, July 20, Orrin Hatch, Chairman of the Senate Finance Committee, called for an inspection of the Advanced Premium Tax Credit (APTC) program for 2014. The APTC is designed to forward tax credits as subsidies to individuals for health insurance on the exchange; with a reconciliation of these subsidies coming after year end when […]
As many of you are well-aware of at this point, the Affordable Care Act (ACA) required individual taxpayers to have a minimum essential coverage beginning in 2014. This act has many moving pieces and still remains complex to the bulk of taxpaying Americans. Recently, the IRS released a webinar, hoping to alleviate much of the […]