The IRS is offering some relief to taxpayers trying to reconcile their 2014 income tax return with a surplus of advance health insurance premium tax credits. The tax agency on Monday offered relief from late payment and estimated tax fees when a taxpayer discovers that they have a balance due on their 2014 taxes, due to the premium tax credits. Of course, the taxpayer is responsible for the balance due, plus interest if not paid by April 15, but the waiver eliminates the additional penalties for failing to plan ahead for the excess tax. The waiver of the poor planning penalties only applies to the 2014 tax year.
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