The Premium Tax Credit is a refundable tax credit designed to assist eligible people with moderate incomes afford health insurance purchased through the Health Insurance Marketplace. In California the agency is known as “Covered California.”
The Internal Revenue Service has again issued an urgent warning about telephone scams that continue to claim victims. The pattern seems to be that the thieves make unsolicited phone calls, claiming to be from the IRS and demanding immediate payment of taxes by credit card or wire transfer. The Treasury Inspector General for Tax Administration has received 90,000 complaints about these scams. He estimates that thieves have stolen an estimated $5 million in these scams.
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“Forbes” magazine recently published an informative (and somewhat humorous) article about tax myths widely held by many. We hear these false beliefs every day from tax clients. They deserve repeating. (Thanks, “Forbes”.)