Marcus, Fairall, Bristol + Co., PLLC

Before delving into the concept of earned income tax credit, it may be useful to first define earned income. This is simply money earned from business ventures you may undertake for yourself or as an employee of another. As a result, it covers the entire range of salaries, revenue, tips, and so on. Unemployment benefits, alimony, child support, and retirement income, on the other hand, do not fall into this category. After that, how does it relate to the earned income tax credit (EITC)? By the end, you should have a good understanding of what EITC is, how it works, and what qualification requirements may exist. Related Articles Tax Season 2022 What Are Federal Tax Liens? A Complete Overview What is the Difference Between Tax Credits and Tax Deductions What Is the Earned Income Tax Credit (EITC)? Simply put, it is a refundable tax credit that workers in the low-to-moderate income bracket receive on their federal tax returns. If you look at it strictly in terms of scaling, you could say ...

What is a Forensic Accountant? Forensic accountants are certified public accountants who specialize in resolving any questionable or suspicious financial issues for businesses, nonprofits, governmental entities, and individuals by gathering financial data in an accurate and investigative manner. They are typically asked to assist in the search for facts that would justify any fraudulent activity that has occurred. Their expertise is frequently involved in bankruptcies, divorces, asset misappropriation, financial statement fraud, contract disputes, damage calculations, shareholder disputes, and numerous corporate inquiries. In general, forensic accounting investigations include the following:  estate settlements with contested – or hidden – assets. Beneficiaries want to find answers, and they want a resolution. When dependents and other heirs have certain perceived or actual claims to a family estate. litigation support – prepares experts and depositions and provides expert testimon...

Volunteerism is a hallmark of Marcus, Fairall, Bristol + Co., PLLC. Our community-oriented partners at Marcus, Fairall, Bristol + Co., PLLC are active volunteers in the local community, and we encourage our staff to get involved in their favorite non-profit. If you've been involved in the non-profit world in El Paso or Las Cruces, New Mexico for any length of time, you've almost certainly met one of our professional accountants. As non-profit accounting specialists, they help non-profit organizations file for tax-exempt status and set up the necessary accounting systems, including assisting the agency with appropriate reporting and disclosure policies. Submit an application for tax-exempt status. Because non-profit organizations are exempt from many taxes, the agencies must keep meticulous records to ensure compliance with federal requirements. Non-profit organizations are prohibited by definition from making a profit outside of the scope of the organization. They are not permi...