Morison Cogen LLP

Accounting, Audit & Tax Services

Client Portal | Secure Upload267.440.3000

  • Home
  • About Us
    • What We Do
    • Why Choose Us
    • Partners
    • Managers
    • Partners Emeritus
  • Services
    • Accounting
    • Audit
    • Tax
    • Financial Management
  • News and Posts
    • Business
    • Employer
    • ETRA
    • Federal Tax Posts
    • Individual Tax
    • Not for Profit
    • Small Business Tax
    • Featured
  • Contact Us Today
    • Join Our Mailing List
  • Morison KSI

September 24, 2020

Clarification of the Premium Tax Credit





Final regulations clarify that the premium tax credit isn’t affected by the suspended personal exemption. The IRS has issued an advance copy of final regs stating that the reduction of the personal exemption deduction to zero for tax years beginning after Dec. 31, 2017, and before Jan. 1, 2026, doesn’t have an effect on an individual taxpayer’s ability to claim the premium tax credit. A premium tax credit generally is available to eligible individuals enrolled in qualified health plans. The tax code includes rules that apply based on whether a taxpayer claims a personal exemption deduction. These rules affect eligibility for, among other things, the premium tax credit.

09_18_20_1060610320_ftp_560x292_1.jpg

Filed Under: Federal Tax Posts

Recent News and Posts

2021 Q1 tax calendar: Key deadlines for businesses and other employers

Accounting for property, plant and equipment assets

The 2021 “Social Security wage base” is increasing

Understanding the passive activity loss rules

Why your nonprofit must make time for accountability

News and Posts by Category

  • Business
  • Employer
  • ETRA
  • Featured
  • Federal Tax Posts
  • Individual Tax
  • Not for Profit
  • Small Business Tax
  • tax
  • Tax Tips

MC Items Of Interest

Tax Cuts and Jobs Act (TCJA)

Global Tax Weekly

Tax Impact Newsletter

Employee Benefits Update

Tax Planning Guide

Global Tax Insights

Peer Review Letter

Sign Up To Receive Our News & Posts

About Morison Cogen

Morison Cogen LLP is a full-service certified public accounting, tax, and business consulting firm serving private and public companies, not-for-profit organizations, and the personal accounting needs of individuals in the U.S. and around the world....read more

Get Connected

Morison Cogen LLP
484 Norristown Road, Suite 100
Blue Bell, PA 19422

P: 267.440.3000
E: info@morisoncogen.com

Copyright © 2021 Morison Cogen LLP