AICPA Tax Insider (April 14, 2022): Proposed regulations revise premium tax credit’s affordability test, IRS commissioner to senators: ‘Our efforts are working’; and More!

Proposed regulations revise premium tax credit’s affordability test
The regulations proposed last week relating to the premium tax credit would reinterpret how affordability of employer health care coverage is determined with respect to family members of an employee to whom the coverage is offered.

IRS commissioner to senators: ‘Our efforts are working’
Charles Rettig briefed members of the Senate Finance Committee on tax filing season and the road ahead.

Analyzing the difference between tax payments and deposits
By John Keenan, J.D.; Matt Cooper, J.D.; and Teresa Abney, J.D.
Although both deposits and advance payments stop interest from accruing, deposits can be returned without a refund claim or lawsuit and without a time limit.

Retirement transition: Crucial decisions
By Theodore J. Sarenski, CPA/PFS
When and how to start Social Security and draw down savings, choose from among Medicare options and other health insurance, and manage taxable income are among the many considerations.

IRS eases application process for US residency certification
New procedures will facilitate residency certification where the Internal Revenue Service has not yet processed the applicant’s tax return.

NTA calls for more time to contest denial of refund or credit claim
National Taxpayer Advocate Erin Collins recommended a temporary postponement of the two-year time limit for taxpayers to file a lawsuit.

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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