Tuesday, November 06, 2012

Watch Those Earned Income Credit Claims

  • The IRS has notified tax preparers that they are on the lookout for fraudulent claims on the Earned Income Tax Credit.  Tax preparers with a number of questionable credit claims are notified that numerous errors have been found and that the IRS will be monitoring the claimed credits by the preparer going forward.  In addition, the letter reminds preparers of due diligence responsibilities and provides a toolkit for the credit.

    Generally, EITC will come into play with self-prepared returns (including TurboTax or TaxCut), returns of commercial preparers such as H&R Block or Jackson Hewitt, small to medium RTP businesses and small EA or CPA firms; only rarely would even a medium-small CPA firm be preparing an Earned Income Credit.  Nevertheless, with tax preparer registration now a staple; it is important not to run afoul of the IRS here.

    Final 2012 Election Predictions--6 pm CDT

    Presidential Election
    Popular Vote: Obama 48.7% Romney 49.6% Johnson 1.1% Other 0.6%
    Electoral Vote: Obama 275 Romney 263 (Romney wins FL, VA, CO, IA; Obama wins other swing states)

    Senate: Democrats 50 + 2  Republicans 48; net R +1
    House: Democrats 198 Republicans 237; net D +4
    Governor: Democrats 19 Republicans 30 Independents 1; net R +1

    My blog is worth $7,903.56.
    How much is your blog worth?