Will Illegal Immigrants Really Get A Huge Check From the IRS?
Whether you are for or against President Obama’s immigration plan, the fact that all the illegal immigrants in the country could file tax returns and claim refunds for the last three years, seems outrageous. However, according to the IRS, under the Earned Income Tax Credit, that is precisely what could happen. It doesn’t matter if a person has never even filed a return or reported any income.
Under the president’s plan an illegal immigrant could get a Social Security number, and then qualify for the Earned Income Credit for the last three years, thanks to a current IRS practice. That means even though someone who has only been in the country for a short time could actually claim money for three years just by acquiring a Social Security number and filing for the Earned Income Credit.
The country would literally be giving away billions of dollars in free money to people who are illegally living in the United States. However, according to reports, one U.S. lawmaker has already created a bill that would prevent undocumented workers from receiving this tax credit.
Representative Patrick McHenry is also concerned that the President’s actions could open the door to dozens of fraudulent returns and billions of dollars in lost tax revenue. He claims that any illegal worker in the U.S. that broke the law to get here should not receive benefits from the country’s tax system.
Will the Wealthy Benefit From Trump’s New Tax Plan?
By Alan Olsen Trump will have a cooperative GOP house and senate and it is likely that overall tax rates for the wealthy will be heading lower starting in 2017. Therefore, now is the time to begin your tax planning. That means it’s time to put the campaign and the election behind us and start…
Why Are Taxpayers Leaving Behind Billions of Dollars at Tax Time?
Why Are Taxpayers Leaving Behind Billions of Dollars at Tax Time? The 2018 tax season is officially over. Most Americans are happy to have their tax returns in the rearview mirror. After all, nobody really enjoys doing taxes. Why is that? For the most part, it’s because doing taxes is such a complicated, frustrating experience…
What to Expect When Trading Collectibles in Foreign Auctions
What to Expect When Trading Collectibles in Foreign Auctions For many people with an abundance of money, collecting goods like fine art is a popular pastime. However, no matter what kind of goods you collect or trade you will always have to be aware of the tax side of your hobby. Many people buy, sell…
Discover the Top Islands to Visit This Year
Discover the Top Islands to Visit This Year It’s summer and that means vacation time. If you’re looking for a great place to get away this season and an island trip sounds desirable then check out these top island getaways for 2017, according to Travel +Leisure. But be sure to bring your bathing suit and…