The IRS Does it Again – Another Retroactive 2020 Tax Change
By Nicole DeRosa, CPA, MAcc, Senior Tax Manager First the unemployment compensation exclusion…now this. With less than a week until the original tax filing deadline, the IRS announced the suspension of the requirement to repay excess advance payments of the 2020 Premium Tax Credit (“PTC”) which was a provision rolled out with the American Rescue Plan Act of 2021 (“ARPA”). Unfortunately, being that the unemployment compensation exclusion was at the forefront of the ARPA,...
