Came through in my email today:
Notice 2015-09 provides limited relief for taxpayers who have a balance due on their 2014 income tax return as a result of reconciling advance payments of the premium tax credit against the premium tax credit allowed on the tax return.
Notice 2015-09 will be published in Internal Revenue Bulletin 2015-6 on February 9, 2015
Here is the link:
From my reading, it appears that the IRS will waive penalties for making that payment late or for failing to pay estimated taxes throughout 2014 if they received too much of the Advance Premium Tax Credit and they did not notify the government to change the subsidy when their circumstances changed.
To request the penalty waiver, check box A in Form 2210 Part II and compete page 1 along with the words, "Received excess advance payment of premium tax credit." I assume that this goes in the explanation box, but even if it is not done and the taxpayer receives a notice, they plan to abate the penalty.
Notice 2015-09 provides limited relief for taxpayers who have a balance due on their 2014 income tax return as a result of reconciling advance payments of the premium tax credit against the premium tax credit allowed on the tax return.
Notice 2015-09 will be published in Internal Revenue Bulletin 2015-6 on February 9, 2015
Here is the link:
From my reading, it appears that the IRS will waive penalties for making that payment late or for failing to pay estimated taxes throughout 2014 if they received too much of the Advance Premium Tax Credit and they did not notify the government to change the subsidy when their circumstances changed.
To request the penalty waiver, check box A in Form 2210 Part II and compete page 1 along with the words, "Received excess advance payment of premium tax credit." I assume that this goes in the explanation box, but even if it is not done and the taxpayer receives a notice, they plan to abate the penalty.
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