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How the PATH Act Benefits Small Business Owners
Small businesses create jobs and help drive economic growth, and they can improve their bottom line at tax time under the Protecting Americans from Tax Hikes (PATH) Act that was passed in 2015. Recent provisions in the Act extend and protect certain tax benefits for businesses, making long-term planning easier for fledgling companies, entrepreneurial firms, and startups, to name a few. To find out more, see the full TurboTax article.
While mortgage securitization is critical to house financing reform, the path to get there remains a matter of debate. The House Financial Services Committee has touted two different proposals. One was put forward by the chairman, Republican Jeb Hensarling from the State of Texas, during a speech on the future of housing finance. “Comprehensive housing …
Some 2016 Federal Tax Refunds Will Be Delayed
Some 2016 Federal Tax Refunds Will Be Delayed
If you are claiming the Earned Income Credit (EIC) or the Additional Child Tax Credit (ACTC), your refund will be delayed until after February 15, 2017.
Part of the Protecting Americans from Tax Hikes (PATH) Act of 2015 requires the IRS to allow more time to review returns with these credits and verify information, including but not limited to:
Income
Social Security Number(s)
Names (must match…
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a Taxing Irony...
The PATH act. Something new for 2017. Something sure to cause a ruckus amongst the “I need my earned income credit now so I can pay last months’ bills” crowd. It seems the IRS, in it’s never-ceasing attempts to cut back on fraud and stay on top of things, has decided that any tax returns which contain the earned income credit are going to be held up until February 15. The impending issue is that the folks who receive this credit are the very same folks who are in no position to wait an extra several weeks for it. This, coupled with the not-so-affordable care act and its penalties, paybacks, and sky-high premiums, are about to render the IRS the most hated and reviled entity/organization/operation on the planet.
Those who work in the tax preparation industry, especially at places like H&R Block and Jackson Hewitt, companies who cater to this segment of clientele, may want to consider wearing helmets and Kevlar to the office this coming tax season. There are going to be some mighty unhappy folks out there this time around.
Some will suffer a double blow. Some will find out that not only is their refund going to be delayed for some weeks, but for those who lack health insurance a big chunk of it will be eaten up by penalties. A triple kick, actually, if the reason they don't have insurance is because the premiums have gone up enough to render it unaffordable.
Like a Chinese proverb, interesting times lay ahead...
