Advance Premium Tax Credit

As part of a series of COVID-19-related audits, the Treasury Inspector General for Tax Administration (TIGTA) has completed its evaluation of how the IRS handled advance premium tax credit (APTC) issues. TIGTA has found that the IRS “took immediate steps to remove excess APTC repayment” from 2020 tax returns. But it also identified 30,231 taxpayers who may now qualify for additional child tax credits totaling $16.4 million (and will need to take action to claim their benefits).

TIGTA also says that the IRS failed to develop processes and procedures to verify the accuracy of premium tax credit claims based on unemployment compensation. To read the report:

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