WASHINGTON — The Internal Revenue Service wants taxpayers with disabilities and parents of children with disabilities to be aware of the Earned Income Tax Credit (EITC) and correctly claim it if they qualify. The EITC is a federal income tax credit for workers who don’t earn a high income ($53,505 or less for 2016) and…
It began with a tweet, as so much does these days. The first shot in the coming war was fired in a 140-character burst by Shervin Pishevar, a venture capitalist in Silicon Valley. “If Trump wins I am announcing and funding a legitimate campaign for California to become its own nation,” said the first in…
Opening Day for the IRS is Monday. That’s when the Internal Revenue Service will start accepting electronically filed tax returns. We have until April 18 to file returns but many file earlier in the season, if they’re expecting large refunds. The tax filing deadline this year is Tuesday, April 18, instead of the traditional April…
The Internal Revenue Service (IRS) has announced changes as the individual income tax filing season opens Monday, January 23. Due to a new change in tax law, the IRS cannot issue refunds before Wednesday, February 15, for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit. This applies to…
The IRS is proposing to change its position on when taxpayers may qualify as childless for purposes of the Sec. 32 earned income tax credit (REG-137604-07). The proposed regulations, issued on Thursday, would also make a variety of changes to the definition of “dependent” in the regulations to reflect various statutory changes that have been…
President-elect Donald Trump’s pick for secretary of the treasury, Steve Mnuchin, said at his Senate confirmation hearing Thursday he would like to increase the size of the IRS. Completing this poll entitles you to Daily Caller news updates free of charge. You may opt out at anytime. You also agree to our Privacy Policy and…
Your clients are now receiving 1099-Rs for distributions they received in 2016 from their retirement accounts. However, there is a good chance the form contains an error. This can cause IRS problems for the client later on, since IRS also receives a copy and relies on what it says, right or wrong. Now is the…
Tax season has officially kicked-off. With the deadline being April 18, many taxpayers wait until last minute to file their taxes. According to the IRS, close to 75 percent of taxpayers received a refund of about $2,800 last year. Did you know if you file your taxes earlier you may receive your refund before everyone…
Like getting attacked by a shark or being in a plane crash, being the subject of an IRS audit is one of those unlikely events that people tend to spend a lot of time worrying about. For the vast majority of Americans, the likelihood of actually being audited is pretty slim. The IRS audits less…
One of the more vexing features of ObamaCare is that compliance is enforced by our beloved IRS. Rumor has it that some 16,000 new IRS agents were hired just to enforce compliance with the new law. The new agents make sure we’re insured, and if we’re not insured an ObamaCare tax can be levied on…