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.
The Skinny on Tax-Deferred Retirement Accounts
Just about anyone could benefit from a tax-differed retirement account. These accounts, most commonly known as 401Ks or IRAs, are a great way to save for retirement and in many cases save on taxes. The real question is when do you plan on cashing out that retirement fund? While you will always see immediate savings…
Now Is the Time to Fix California’s Messed up Tax Code
The California tax code is about as healthy as the federal tax code. In other words, it needs a lot of work. Of course, there are many interested parties that are all hard at work trying to create plans that will help improve the state’s economy and tax revenue while helping those from the lower…
Why Taxing the Rich to Help the Poor Doesn’t Work
How many of you remember the Comedy Central game show: “Win Ben Stein’s Money?” The host, Mr. Stein, would challenge his opponents in answering trivia questions and actually give away his own money to those who beat him. That show has long been off the air, but the game show host, turned conservative commentator is…
Toshiba Adds More Units to Accounting Probe After Overstated Profits
Toshiba added more units to accounting probe after overstating their profits. Accounting can be much like taxes and when it comes to businesses the two go hand-in-hand. Getting your accounting right is extremely important. That’s why we recommend using a qualified accounting firm to handle your books. That includes: preparing financial statements, certifying audits, compilations…