taxtoday's blog

It's Not Ok To Raid Your 401(k)

It has come to our attention that there are numerous individuals that are cashing in their employer based retirement plans early.    In other cases, the employer plan was terminated and the funds were distributed to the employee.    Upon submission of the required paperwork to receive the funds, these individuals stated that the HR department told them that 20% of the funds must be held back and sent to the IRS to help cover their tax liability.

 

IRS Paid Illegal Aliens 4.2 Billion In Refunds For Additional Child Tax Credit

According to the Free Republic, a TIGTA investigation states that the IRS paid 4.2 billion dollars in refunds to individuals who were not authorized to work in the US.  This number pales in comparison to information quoted at Allgov  which states that unlike certain corporate powers that make billions of dollars and pay no taxes, illegal immigrants generate billions of tax dollars for state governments.