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February 2017 Archives

Tax preparers: How to avoid IRS EITC due diligence audits

The Earned Income Tax Credit, known as the EITC, is an important tax benefit for working taxpayers with low or moderate income levels. But complicated rules, regarding income limits and in many cases, qualifying children, must be closely followed.

Expats and passport renunciation: FATCA and the 'Trump bump'

Congress has required the IRS to come up with a program to deny or revoke passports for individuals with certain types of tax debt. As we noted in yesterday's post, the program will take effect next month.This is not, however, the only story in play regarding taxes and passports. In recent years, many people are have renounced their passports because of onerous reporting requirements for offshore accounts.The number of renunciations has escalated in recent months. Unlike the stock market, which has been up since the election, it's been a reverse "Trump bump."

Clergy housing allowance: Will it survive another court challenge?

As a pastor or a church council member, you know very well how important the tax break on clergy housing benefits is. To be sure, many ministers would probably trade the break for a FICA payroll-tax match from their employers and not having to pay self-employment tax.Not taxing a pastor's housing allowance does help make ministry more financially feasible, however for smaller communities with limited resources for clergy compensation.

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