IRS Announces Estimated Tax Relief for Farmers and Fishermen: Attached is Notice 2015-22, which provides for waiver of the addition to tax under section 6654(a) of the Internal Revenue Code (Code) for underpayment of estimated taxes for those farmers and fishermen who received erroneous 2014 Forms 1095-A, Health Insurance Marketplace Statements, and who file their 2014 tax return and pay by April 15, 2015.
IRS Releases Premium Tax Credit Publication: The long anticipated IRS Publication 974, "Premium Tax Credit (PTC)" has been posted to the IRS website. The publication, which is referenced throughout the instructions to Form 8962 [Premium Tax Credit (PTC)], provides detailed guidance and worksheets for calculating the amount of any excess advance PTC that must be repaid and the alternative calculation for year of marriage. Almost half of the publication is dedicated to guidance on the interaction between the self-employed health insurance deduction and the PTC, including worksheets and a comprehensive example with a filled-in form. The publication also provides information on what qualifies as minimum essential coverage, availability of penalty relief, and individuals not lawfully present in the U.S. who enrolled in a qualified health plan. Publication 974 is available athttp://www.irs.gov/pub/irs-pdf/p974.pdf .