President Trump’s budget would restrict eligibility for two credits. President Trump’s budget proposal for the 2018 fiscal year, titled “A New Foundation for American Greatness,” aims to cut approximately $3.6 trillion in government spending over the next decade. Some of the cuts would be attributable to eligibility changes relating to the earned income tax credit (EITC) and the child tax credit (CTC), and some would result from specific actions undertaken by the IRS to reduce improper payments made by the government.
Due to COVID-19, the IRS Pushes Tax Deadline Back to July 15
The traditional tax day of April 15 has passed and millions of Americans are taking advantage of the three-month reprieve given by the federal government and many states in response to the COVID-19 pandemic. Depending on your individual circumstances, you might be looking to file as quickly as possible in order to collect your refund.…
Potential Tax Effects Associated with the CARES Act Stimulus
Since March, federal and state governments have engaged in a variety of methods designed to safeguard Americans’ health and financial security in the wake of the coronavirus pandemic. At any time, taxes have a direct impact on our lives, so it’s natural that some of the key provisions of the recently passed Coronavirus Aid, Relief…