Individual Tax Update

Under the Protecting Americans From Tax Hikes (PATH) Act of 2015,1 a taxpayer may not claim a child tax credit by retroactively amending or filing a return for a prior year in which the qualifying child did not have a taxpayer identification number (TIN). The PATH Act also imposed new reporting requ...

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Bibliographic Details
Published in:The Tax Adviser 2016-09, Vol.47 (9), p.632
Main Authors: Baldwin, David R, Carlton, Lawrence H, Chambers, Valrie, Gershman, Edward A, Haim, Donna, Porter, Jeffrey A, Rubin, Kenneth L, Sheridan, Kaye F, Taylor, David E, Zidik, Donald J
Format: Article
Language:English
Subjects:
Attorneys
Child tax credit
Children & youth
Corporate income tax
Data integrity
Due diligence
Earned income tax credit
Economic development
Education
Federal court decisions
Income taxes
Insurance premiums
Mutual insurance companies
State court decisions
Tax basis
Tax courts
Tax credits
Tax exemptions
Tax increases
Tax planning
Tax returns
Taxpayers
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Summary:Under the Protecting Americans From Tax Hikes (PATH) Act of 2015,1 a taxpayer may not claim a child tax credit by retroactively amending or filing a return for a prior year in which the qualifying child did not have a taxpayer identification number (TIN). The PATH Act also imposed new reporting requirements for the American opportunity tax credit. Taxpayers must now report the employer identification number of the educational institution paid for purposes of the credit. The PATH Act also made permanent the higher 45% rate for taxpayers with three or more qualifying children that had been scheduled to expire in 2018 and higher credit phaseouts originally enacted in 2009.
ISSN:0039-9957