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Child & Dependent Care Tax Credit

Washington Alert – CBO on Revenue Forecasts; TPC on Reforming the Child Care Credit; Webinar on S Corporation Shareholder Stock Basis; ACA Verification Service (AVS)

Washington Alert – CBO on Revenue Forecasts; TPC on Reforming the Child Care Credit; Webinar on S Corporation Shareholder Stock Basis; ACA Verification Service (AVS)

The Congressional Budget Office (CBO) recently released an assessment of the accuracy of its past revenue forecasts beginning with ’82. (CBO’s Revenue Forecasting Record) “On average, the agency’s projections have been a bit too high—more so for projections spanning six years than for those spanning two—owing mostly to the difficulty of predicting when economic downturns […]

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Including excludable scholarships in income may cut tax bill of credit-eligible students

Including excludable scholarships in income may cut tax bill of credit-eligible students

IRS Publication 970 Can a taxpayer can reduce his tax bill by including in income otherwise excludable amounts? In the context of education credits, this can work, and the strategy is suggested by IRS itself. It involves including in income certain otherwise excludable scholarships and fellowships in order to maximize education credits. Background. For tax […]

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Child credit scam prompts U.S. tax crackdown on expats in Israel

Child credit scam prompts U.S. tax crackdown on expats in Israel

TEL AVIV (Reuters) – It was called the “Israel Project”, an operation by the U.S. Internal Revenue Service (IRS) that has uncovered false claims for child tax credits involving an estimated tens of millions of dollars filed by U.S. citizens living in Israel. About 200,000 American citizens live in Israel, one of the largest U.S. […]

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Court finds that unmarried dad was custodial parent entitled to child tax breaks

Court finds that unmarried dad was custodial parent entitled to child tax breaks

In Rodney Harris v. Commissioner, TC Memo 2014-69, the Tax Court has held that an unmarried dad was the custodial parent of his minor son and that the son was his “qualifying child” for each of the two years at issue.  As a result, he was entitled to various child tax breaks including a dependency […]

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Deducting medical expenses for the elderly

Deducting medical expenses for the elderly

As reported in the news of the OC Register, deducting medical expenses for the elderly can be a tricky proposition, according to Raphael Tulino, the spokesman for the IRS in the Orange County/San Diego area. Q. My wife’s mother does not live with us but we provide over 50 percent of her support. With that, […]

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Parents and Students: Check Out College Tax Benefits for 2012 and Years Ahead

Parents and Students: Check Out College Tax Benefits for 2012 and Years Ahead

WASHINGTON — The Internal Revenue Service reminded parents and students that now is a good time to see if they qualify for either of two college education tax credits or any of several other education-related tax benefits. In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to […]

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Tax Court in Carlebach & Fried Upholds Validity of Regulation Requiring Citizenship for Claiming Dependency Exemption

Tax Court in Carlebach & Fried Upholds Validity of Regulation Requiring Citizenship for Claiming Dependency Exemption

In the case of Carlebach and Fried v. Commissioner, 139 T.C. 1 (2012), the Tax Court issued an opinion  which effectively denied the taxpayers’ claimed dependency exemption deductions and child care credits, finding that for a child to qualify as a dependent for a parent’s tax year, he or she must be a U.S. citizen […]

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IRS Summertime Tax Tip 2012-01 – Keep the Child and Dependent Care Tax Credit in Mind for Summer Planning

IRS Summertime Tax Tip 2012-01 – Keep the Child and Dependent Care Tax Credit in Mind for Summer Planning

Keep the Child and Dependent Care Tax Credit in Mind for Summer Planning During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to remind taxpayers that are considering their summer agenda to keep in mind a tax credit […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney