child tax credit Archives

Capitol Corner

The Super Bowl of Tax

Congress has been gearing up and preparing for 2025 in what is expected to be a monumental year for tax legislation – the “Super Bowl of Tax.” With changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) scheduled to expire at the end of n... Thad Inge, Samantha Ford, and Michelle McCaughey

Winter 2024, Capitol Corner, TCJA, Tax Cuts and Jobs Act, advocacy, §199A, SALT, additional child tax credit, ACTC, CTC, child tax credit, adjusted gross income, AGI, Robert T. Stafford Disaster Relief and Emergency Assistance Act, premium tax credit, PTC, Inflation Reduction Act, §401, specified service trade or business, SSTB, federal poverty level, FPL, New Market Tax Credit, NMTC, empowerment zone, work opportunity tax credit, WOTC, Revenue Procedure 2021-18

Feature Article

Tax Compliance for Refugees

“Give me your tired, your poor, your huddled masses yearning to breathe free…” – Emma Lazarus All... Mary Beth Lougen, EA, USTCP

Spring 2024, Feature Article, foreign, immigrants, FBAR, COVID-19, Form 114, earned income tax credit, EITC, child tax credit, Economic Impact Payment, Form 8858, Form 8938, Form 5471, Form 8865, Form 3520, Form 3520-A, nonresident alien, international information returns, §6013(g), §6013(h), §6428B, §6428, §7701(b)(1)(A), Form 8621, refugees, asylees, permanent resident, green card, humanitarian, visa, employment authorization document, EAD, §7701(b)

Capitol Corner

The Year 2025 Will Bring a Major Tax Policy Debate

While taxes are never far from Congress’s mind, there are certain years when the tax code can become all-consuming and overtake Congress’s agenda. Next year–2025–promises to be just such a year. Many provisions from the Tax Cu... Thad Inge and Samantha Ford

Spring 2024, Capitol Corner, TCJA, Tax Cuts and Jobs Act, SALT, CTC, child tax credit, state and local tax

Feature Article

2023 Energy Credits Updates and Planning

Changes made in the Inflation Reduction Act (IRA) of 2022 have created new planning opportunities for tax professionals and their clients. As enrolled agents (EAs), we need to be aware of these changes in order to better s... Patrick Knightly, EA

Winter 2023, Feature Article, s corporation, IRA, Form 8978, child tax credit, adjusted gross income, AGI, Inflation Reduction Act, §25C, residential clean energy credit, §25D, Form 5695, retirement savings contribution credit, elderly, disabled, mortgage interest credit, first-time homebuyers’ credit, ENERGY STAR®, International Energy Conservation Code, IECC, Form 8908, Form 3800, Schedule K

Representation

Low-Income Taxpayer Clinics: Helping Low-Income Taxpayers Level the Playing Field with the IRS

Low-income taxpayer clinics (LITCs) are programs that provide free or low-cost legal assistance to low-income taxpayers who are facing disputes with the Internal Revenue Service (IRS). Low-income taxpayer clinics, ... Desmond Hudson, EA, NTPI Fellow®

Fall 2023, Representation, representation, audit, appeals, collection, earned income tax credit, EITC, CTC, child tax credit, LITC, Low-income taxpayer clinic, Pub 4134, Pub 4134 (SP), Pub 3319

President's Message

Perseverance Within the Tax System

I have been thinking about perseverance within the tax system. There seems to be relentless waves of challenges requiring us to cope, adapt, and, ultimately, accept. Legislators have acquired a penchant for making retroactive tax law changes. Retroactive changes affect... David Tolleth, EA

Sept/Oct 2021, President's Message, child tax credit, Economic Impact Payment

Things You Need to Know for Tax Year 2021

Tax News Briefs

Things You Need to Know for Tax Year 2021

Advanced Payments of Child Tax Credit to Begin July 15 The Internal Revenue Service (IRS) has announced that the first monthly payment of the expanded and newly advanceable child tax credit from the American Rescue Plan will b... TheTaxBook

July/Aug 2021, Tax News Briefs, advanced, American Rescue Plan Act, Consolidated Appropriations Act, child tax credit, adjusted gross income, AGI, §274, §132(e)(2), §119, de minimis, dependent care assistance program, DCAP, flexible spending arrangement, FSA, Notice 2021-15, Notice 2021-26, §274(n)(2)(D), 100-percent deduction, 50-percent limitation

Preparer Due Diligence Under IRC §6695(g)

Feature Article

Preparer Due Diligence Under IRC §6695(g)

Section 6695(g) was added to the Internal Revenue Code (IRC or the Code) by P.L. 105-34, the Taxpayer Relief Act of 1997. It was one of several statutory changes intended to improve earned income credit (EIC) reporting compliance. As originally enacted, the law... Patrick D. Dimmitt, EA

May/June 2021, Feature Article, Circular 230, noncompliance, Form W-2, due diligence, EIC, additional child tax credit, ACTC, CTC, ODC, AOTC, HOH, child tax credit, Taxpayer Relief Act of 1997, Form 8867, §6695(g), Form 1098-T, §1.6695-2