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.
IRS Looking Closely at Coinbase Accounts for Tax Dodgers
IRS Looking Closely at Coinbase Accounts for Tax Dodgers Cryptocurrency owners with Coinbase accounts beware. If you hadn’t already heard by now, then consider this your fair warning. The IRS is coming after Coinbase accounts in search of possible tax cheats. Coinbase is the largest U.S. platform for exchanging cryptocurrency, including Bitcoin, with close to…
Make Tax Time Retirement Saving Time
Make Tax Time Retirement Saving Time Tax time is a great time to do a little retirement planning. Even if you already have a retirement plan set up, you can give that plan a boost at tax time. The problem is, many taxpayers aren’t aware of the savvy tax moves that will help with both…
Ready to Start Investing? Here’s How
Ready to Start Investing? Here’s Howv Are you still sitting on the sidelines when it cones to investing? Of course, not everyone is in a position to start investing. But if you are, and you haven’t started, then what are you waiting for? Investing is one of the smartest things you can do in terms…
The 1031 Exchange: A Powerful Tool for Deferring Taxes
The 1031 Exchange: A Powerful Tool for Deferring Taxes Sec. 1031 exchange activity has picked up considerably in recent years, as real estate sellers facing significant capital gains look for opportunities to soften the tax blow. By exchanging real property for other real property of “like kind,” owners can defer capital gains taxes until the…