IRS Suspends Advanced Premium Tax Credit Clawbacks

The IRS on Friday (April 9) officially suspended a requirement that taxpayers repay the government for any excess advanced premium tax credits paid out under the Affordable Care Act for the 2020 tax year and said anyone who has already filed their return with payments will be reimbursed and should not file an amended return. The guidance implements a provision in the American Rescue Plan called for by advocates, employers and other stakeholders who worried that consumers could be on...