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Showing posts from March, 2004
Earned Income Credit worth up to $4204

People who earned under $34,692 in 2003 might qualify for the Earned Income Credit (EIC). Refundable tax credits like this one usually mean more money in your pocket because they either reduce the amount of tax you owe or they increase your refund.

Although you must meet several rules to claim the EIC, it may be well worth your while to find out if you qualify; the amount of credit can be as much as $4,204 this year!
HOSPITALS WOULD NO LONGER BE EXCEPTED FROM PAYING
EMPLOYMENT TAXES FOR MEDICAL RESIDENTS UNDER IRS PROPOSAL

In what some analysts characterize as an attempted end run
around court decisions that cut in the opposite direction,
the Internal Revenue Service issues a proposed rule under
which most medical residents and their employers would not
be excepted from paying employment taxes under the Federal
Insurance Contributions Act. The IRS also suspends a safe
harbor that institutions have used in applying the FICA
exception.

The Internal Revenue Code generally extends the FICA
exception to services performed in the employ of a school,
college, or university by an enrolled student. The IRS's
proposal would narrow the current regulatory definition of
"school, college, or university" to only those employers
whose primary function is education, thus excluding
hospitals. The proposal would also prohibit institutions
from applying the exception to employees who work more than
40 pe…
Pa. Court OKs Class Suit Against H&R Block for E-Filing Fee


Suits filed against H&R Block alleging unnecessary fees for electronically filing clients' tax returns may be tried as a class action and need not be arbitrated individually, the Pennsylvania Superior Court has ruled. H&R Block had asserted that all claims against it must be settled in arbitration because the plaintiffs had entered into a contract with a separate entity in connection with H&R Block's e-filing services.
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