The IRS announced this week that it is changing the filing requirements for tax pros who submit a federaltax return claiming the EarnedIncomeTaxCredit (EITC).
Most Americans below the median income level pay no federalincometax (and, thanks to the EarnedIncomeTaxCredit, the working poor get substantial rebates).
However, this is the point where it becomes critical to understand the mechanism that allows these folks to get off the hook when it comes to paying federalincome taxes a mechanism that comes in the guise of two, specific government policies the EarnedIncomeTaxCredit (EITC) and the Child TaxCredit (CTC).