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The IRS has set many tax deductions and benefits instead for individuals. Unfortunately, some taxpayers who are earning a advanced level of income can see these benefits phased out as their income ascends.
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Structured Entity Tax Credit - The irs is attacking an inventive scheme involving state conservation tax credit cards. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually dried-up and a K-1 is disseminated to the partners who then consider the credits on their personal recurrence. The IRS is arguing that there's really no legitimate business purpose for that partnership, rendering it the strategy fraudulent.
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I then asked her to bring all the documents, past and present, regarding her finances sent by banks, and such like. After another check which lasted for almost half an hour I reported that she was currently receiving a pension from her late husband's employer which the taxman already knew about but she'd failed to report that income in their tax document. She agreed.
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