Jump to content
ATX Community

can IRS collect 8962 tax


schirallicpa

Recommended Posts

38 minutes ago, Abby Normal said:

I know they can't pursue collection on the 8965 tax for not having health insurance, because the IRS bills that separately and that's what the ACA law says. But if you got too much APTC and have to pay some back, I'm pretty sure they can pursue that.

Specifically, the law allows the IRS 10 years to collect the SRP, however it does not allow late payment penalties, liens, levies or criminal penalties.

  • Like 1
Link to comment
Share on other sites

The APTC is not exempt from collection activity.  I have one client that went to HRB in 2016 and it was not reported correctly, resulting in having to repay $15K plus penalties and interest.  They had taken some money out of a retirement account and it pushed them about $3K over the 400% poverty line. There have already been some court cases and the finding was that congress did not provide any relief for  this. 

IRS collection notices for the ISRP use the same code numbers (CP 503, CP523, etc) as regular collections letters,  but with a capital H  - CP503H, CP523H.

 

  • Like 2
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...