Inter-agencies Disagreement on Tax Credit

According to the IRS (Internal Revenue Service), almost $11 billion in the Advance Premium Tax Credits (APTC) was paid to insurers in Fiscal Year 2014. The Affordable Care Act (ACA) created the new refundable tax credit (at the center of a legal challenge to be decided by the Supreme Court this month). The actual amount of the PTC that taxpayers are entitled to receive is based on their actual income and family size reported on their annual tax return, which can be different from the estimates used by the Exchange to determine the allowable APTC, reveals an audit. 

Millions of Amended Tax Returns Expected

WASHINGTON, DC (PR) — As of April 18, almost 46 million returns were e-filed from home computers, more than the total from home computers for all of 2013. The IRS has received more than 131 million returns, of which 88 percent were e-filed.