Earned Income Credit

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Iowa Taxes and Married Filing Separately: Issues 14 and 15: Itemized Deductions and Tax Credits

By | June 13th, 2018|Categories: State Taxes|Tags: , , , |

Iowa’s taxation of married couples has quirks that can throw a taxpayer or tax preparer for a loop. This post will cover allocation of itemized deductions, and allocation of tax credits, when couples file separately in Iowa.

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Can You Get a Refund if You Pay Nothing In?

By | November 11th, 2016|Categories: Potpourri of Tax Topics, Small Business Tax and Accounting|Tags: , , |

Answer: this discussion goes beyond sole proprietors, and the short answer is "maybe."

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The EIC Isn’t the Only Place Tax Fraud Happens

By | December 15th, 2015|Categories: Editorial Commentary|Tags: |

In my recent post about fraud and the earned income credit, I got a comment from someone who pointed out that tax fraud is committed by people from all walks of life, not just the lower-income folks who qualify for refundable credits. This is a valid point.  In a lot of discussions among tax pros, I [...]

How Many Fraudulent EIC Claims are Prepared by Paid Preparers?

By | December 1st, 2015|Categories: Editorial Commentary|Tags: , , |

Image courtesy of user Geralt on Pixabay.com This is something I’ve wanted to research for a long time. Paid preparers are saddled with increasing IRS requirements and scrutiny regarding the earned income credit. The IRS says this is justified because $14.5 billion EIC claims are paid in error. This represents 24% of all EIC [...]

From the Archives: New Preparer Requirements on Earned Income Credit = Higher Fees for Clients

By | May 25th, 2015|Categories: From the Archives|Tags: , , , |

In 2012, I wrote that new IRS requirements on preparers regarding earned income credit claims would drive up fees. That's been the case, but it's not as bad as I had predicted.

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