Preparers of earned income credit returns for 2012 have extra work to do. The IRS is requiring more documentation of due diligence efforts. Preparers of returns taking the credit must submit Form 8867 to show how they determined that the filer’s claim for the credit was valid, or IRS can slap a $500 penalty on [...]
Read More 2012, 2013, Disability, due diligence, Form 8867, Income Tax Planning, Income Tax Preparation, IRS, penalty, Preparers of Earned Income Credit Returns for 2012 have Extra Work, qualifying children, residency, Schedule C, Tallahassee Tax Service, TallyTaxManThe Tax Court has held that a portion of a taxpayer’s disability retirement payments was not excludable from income. The disability retirement payments were taxable because the payments were based upon the taxpayer’s length of service with his employer. Generally, retirement payments are excludable from an individual’s gross income if the payments are received under [...]
Read More Disability, disability retirement, Disability Retirement Payment, Gross Income, Income Tax Planning, Income Tax Preparation, law enforcement, medical disability leave, payment, service retirement, Tallahassee Tax Service, TallyTaxMan, Tax, work-related injuries, workmen's compensation