Tax credits

Three members of the tax-writing House Ways and Means Committee have introduced bills to enhance the Earned Income Tax Credit, the American Opportunity Tax Credit and the Child Tax Credit.

The American Institute of CPAs is asking the Internal Revenue Service and the Treasury Department to issue regulations on the expansion of the R&D credit for startups.

It’s a major boon for states, according to Bennett Thrasher’s Peter Stathopoulos.

Eligibility expands for claiming the refundable tax credit, though taxpayers who claim it will face some delays before receiving their refunds.

Changing national demographics may be producing a new kind of dependent: parents and adult children of middle-aged taxpayers, according to the National Association of Enrolled Agents.

Even though their income level may not require them to file, taxpayers with disabilities may still qualify for the credit, the tax service says.

Some tax deductions and credits may be traded for lower overall rates in the reform plans of the Trump administration and the Republic congressional leadership, so taxpayers may want to make the most of them now.

Some deductions and credits may be traded for lower overall rates in the Trump administration’s reform plans, so tax preparers may want to make sure their clients make the most of them now.

The Federal-Level Research and Development Tax Credit Program, or RTCP, was originally enacted in the Internal Revenue Code through the Economic Recovery Tax Act of 1981 as a temporary provision at a time when research and development jobs were significantly declining throughout the United States.