filing

5Apr

By THEIRL1ADMIN01No Comments

MONEY

Everything You Need To Know To Claim The Child Tax Credit This Tax Filing Season

The monthly child tax credit payments may be over, but families now face a new hurdle: Filing for the remaining portion they’re owed. An estimated 40 million households will be applying for the benefit this tax filing season, which, thanks to a bevy of coronavirus-related claims, is already expected to come with significant challenges and delays. The child tax credit, which was expanded to more people and for a larger amount in early 2021, was designed to arrive in two chunks in 2021 to nearly all families with children. The first payments were in six monthly increments. The second would come with families’ tax returns in 2022 — if they know how to get it. “There’s a huge, huge knowledge gap here,” said Jen Burdick, a lawyer at Community Legal Services of Philadelphia who has been helpi...

How To Stay Honest When Filing Taxes In A Pandemic Year

Many in the U.S. will be filing their personal income tax returns in the next few months. With almost half of those in the U.S. having lost at least some employment income due to the virus, the 2022 tax season may bring more personal and financial stress than usual. As a result, there could also be a moral struggle going on about whether to be honest about one’s taxable income. Exaggerating one’s donation to Goodwill, for example, or failing to report freelance earnings could lower a taxpayer’s burden. Each year many people do cheat on their taxes. According to findings released by the Internal Revenue Service in 2016, tax evasion costs the federal government over US$450 billion each year. The IRS estimates that for every $6 owed in taxes to the federal government, one dollar is not pai...

By filing for bankruptcy, the Boy Scouts may compensate more survivors of sexual abuse

The Boy Scouts of America has filed for bankruptcy to figure out how to fairly compensate thousands of survivors of alleged sexual abuse who accuse the Scouts of neglecting to protect them. Revelations regarding decades of the abuse of children and long-running institutional failures to stop the abuse are raising questions about the future of the Boy Scouts and what will become of its troops. The Scouts’ initial bankruptcy documents state that 275 lawsuits are pending in state and federal courts across the country, and that attorneys for survivors estimate another 1,400 claims will be filed. The Scouts disclosed that they have spent US$150 million on settlements and legal fees between 2017 and 2019. I’m a legal scholar who has studied the bankruptcy cases filed by hundreds of nonprofit...