Tag Archives: credit

IRS Not Prepared for New ACA Fraud Opportunities

The Treasury Inspector General for Tax Administration (TIGTA) is concerned that the IRS is not prepared to combat the onslaught of tax fraud that is anticipated once the IRS begins paying premium tax credits associated with the Affordable Care Act … Continue reading

Posted in TIGTA audits | Tagged , , , , , | Leave a comment

IRS Hesitates to Enforce Erroneous Refund/Credit Penalty

If you file a tax return and claim a refund, but it turns out that you should not have claimed a refund (or if you claimed an excessive refund), you could be liable for payment of penalties.  Similarly, if you made … Continue reading

Posted in TIGTA audits | Tagged , , , | Leave a comment

Wal-Mart and the EITC

The Earned Income Tax Credit (EITC) is a refundable federal income tax credit that was first offered to taxpayers back in 1975 to help prevent low income families from slipping into poverty.  EITC can mean tax relief (lower taxes) for … Continue reading

Posted in Tax News | Tagged , , , , , | Leave a comment

IRS Inflation Adjustments

This blog post lists some of the Annual Inflation Adjustments published by the IRS today that are interesting not only  to CPAs and tax attorneys. It may be helpful to understand that the 2012 “tax year” was last year (for taxes filed … Continue reading

Posted in IRS News & Info, Tax News | Tagged , , , , | Leave a comment

Tax Incentives for Small Businesses under Obamacare

The health care coverage mandates under the Affordable Care Act are scheduled for January 1, 2014.  So what will it mean for business owners? The small business health care tax credit is the carrot for small business owners to contribute to their … Continue reading

Posted in Tax Legislation | Tagged , , , , | Leave a comment

IRS’ Plain Language Notices

As I was looking around on the redesigned IRS website today, I came across the “Understanding your IRS Notice of Letter” page and was reminded how much I like it.  It features a table of IRS notices organized by notice number, and … Continue reading

Posted in IRS News & Info | Tagged , , | Leave a comment

NJ No Longer “Film Friendly”

Movie and television producers are going to realize, if they don’t know already, that they won’t find maximum tax relief by setting up shop in New Jersey. You probably heard about New Jersey’s governor, Chris Christie’s denial of a $420,000 tax credit for MTV’s Jersey … Continue reading

Posted in Tax Legislation, Tax News | Tagged , , , | Leave a comment

IRS Will be Watching EITC Claims More Closely in 2012

The Earned Income Tax Credit (EITC) is a refundable credit for low to moderate income households. It is a very desirable form of tax relief because it actually puts money back in their pockets . . . if they qualify.  The problem is that … Continue reading

Posted in IRS News & Info | Tagged , , , , | Leave a comment