The IRS recently issued Notice 2015-9, providing limited penalty relief for qualified tax returns which have a repayment of the advanced premium tax credit.
Generally, taxpayers who do not pay their entire tax liability by the return due date would be penalized under §6651(a)(2); however, taxpayers who have a balance due attributable to the reconciliation of the premium tax credit could have these penalties abated for the 2014 tax year.
Additionally, taxpayers with an underpayment of estimated tax penalty under §6654 (a) might have this penalty waived if a repayment of the advance premium assistance credit is present on the return.
Relief is only available for the 2014 tax year.
