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.

Posted in
SELECTING A GOOD TRUSTEE – FACTORS TO CONSIDER WHEN CHOOSING A TRUSTEE

Selecting a Good Trustee – Factors to Consider When Choosing a Trustee

Selecting a Good Trustee – Factors to Consider When Choosing a Trustee By Rocco Beatrice WHAT TO LOOK FOR IN A TRUSTEE When selecting a Trustee the most important qualities of a trustee are honesty, stability, dependability, organization, financial experience, and ability to devote time and energy on an impartial basis for the benefit of…

Tax Strategies Under Obama Tax Plan

Tax Strategies Under Obama Tax Plan

Tax Strategies Under Obama Tax Plan Everyone is aware that President-elect Barack Obama has stated his case clearly that there will be a major tax bill for 2009. As our experience shows, a first-term tax law will probably not see passage by both houses until as late as July; however, it is more than likely…

taxable Gift Tax: Tips from the IRS

Gift Tax: Tips from the IRS

Gift Tax: Tips from the IRS Taxpayers who have given gifts exceeding $11,000 in value to a single individual must report the total gift amount to the Internal Revenue Service (IRS). The giver may owe taxes on the gifts. The recipient, however, does not have to report or pay taxes on the value of the…

The secondary market may impact 409A valuations

Secondary Market May Impact 409A Valuations

Secondary Market May Impact 409A Valuations An issue gaining attention with respect to 409A valuations is the fact that many private company shares are increasingly being traded in the secondary market. There is a debate among valuation specialists over how transactions in private company stock impact the value of the company securities for 409A purposes.…