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.
Heeten Doshi – The New Age of Investing
What is it like to start a business from scratch. Heeten Doshi describes his experience with learning the ins and outs of business as he started his Hedge Fund. Listen as he tells how the market works and how hedge funds play into it. Interview Transcript, Heeten Doshi – The New Age of Investing: …
Elliot Omanson – Deploying Success
Have you ever been confused with what career path you should take? Elliot Omanson know exactly what that was like. From one career to another until he became the CEO of OWLFI (a financial advisory institution). Listen as he describes his success path. Interview Transcript, Elliot Omanson – Deploying Success: Alan Olsen: Welcome to today’s…
Three Ways to Avoid Tax Audits, Expanded
Top three (of 10) ways to avoid a tax audit. From our series of the top 10 ways to avoid a tax audit, we thought we would go into greater detail about the first three tips. More to follow… We’ll explain how our list was created and expand upon each suggestion. The list was created…