Tax Talk Today(R) December Webcast Covers 2005 Tax Law Changes Affecting Individual Returns
U.S. Newswire › December 20, 2005
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Summary
WASHINGTON, Dec. 20 /U.S. Newswire/ -- On the December 13 Webcast of Tax Talk Today, a panel of IRS officials and tax professionals covered the tax law changes and other issues that will impact the 2005 federal returns of most individual taxpayers.
This month's panel focused on the new definition of a qualifying child as the change that will have the biggest effect on individual returns in the coming filing season. Changes to the definition of a qualifying child can affect five different tax benefits, including head of household filing status, dependency exemptions, the child tax credit, the child and dependent care credit and the earned income credit. Tax practitioners should assist their clients in examining each benefit to identify unique differences and requirements affected by the change.See the full content of this document
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Tax Talk Today(R) December Webcast Covers 2005 Tax Law Changes Affecting Individual Returns
According to the Tax Talk Today panel, there are now four tests to identify a qualifying child:
Relationship test -- is the child the taxpayer's child, sibling or a descendent of the taxpayer's child or sibling?Residency test -- did the child liv...See the full content of this document
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