Millions may have to repay part of Obama tax credit

Lawyer News

For more than 15.4 million people, the Making Work Pay tax credit enacted as part of the $787-billion economic stimulus package could turn out to be a Making You Pay Back tax credit.

That's the finding of a government watchdog report out today about the credit, which provides as much as $400 for individuals and as much as $800 for joint filers. It is the signature tax cut that President Obama promised in his campaign and was delivered with much fanfare in February.

The problem: In order to maximize the credit's stimulative effect on the economy, withholding changes for taxpayers kicked in within days of Obama signing the legislation and taxpayers started seeing the changes in their paychecks in April. In essence, the credit was "advanced to taxpayers through their wages by a decrease in federal income tax withholding" for the 2009 and 2010 tax years, according to the report by the Treasury Department's Inspector General for Tax Administration.

http://latimesblogs.latimes.com/money_co/2009/11/millions-may-have-to-repay-part-of-obama-tax-credit.html

Related listings

  • Mich. board asks gov, lawmakers to reduce ed cuts

    Mich. board asks gov, lawmakers to reduce ed cuts

    Lawyer News 10/27/2009

    Michigan's bipartisan State Board of Education urged Gov. Jennifer Granholm and lawmakers to find money to reduce cuts in public education and buy time for a long-term funding solution.The 8-0 vote on Monday came after a series of blows delivered to ...

  • Court won't get involved Massachusetts tax fight

    Court won't get involved Massachusetts tax fight

    Lawyer News 06/24/2009

    The Supreme Court won't stop Massachusetts from taxing out-of-state corporations that work in that state but don't have in-state buildings or employees. The court refused on Monday to hear an appeal from Capital One Bank and Geoffrey, Inc., a subsidi...

  • Ga. court: Travel Web site shorting city on tax

    Ga. court: Travel Web site shorting city on tax

    Lawyer News 06/16/2009

    The Georgia Supreme Court concluded Monday that the online travel company Expedia Inc. has shortchanged a west Georgia city on hotel and occupancy taxes. The court's 4-3 ruling — the first such decision by Georgia's top appellate court — found that E...

Is Now the Time to Really Call a Special Education Lawyer?

IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child.

Forte Law Group is one of only a very few law firms within the state of Connecticut that is dedicated to exclusively representing families and children with special needs.

Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.

Business News

St Peters, MO Professional License Attorney Attorney John Lynch has been the go-to choice for many professionals facing administrative sanction. >> read