Earned Income Tax Credit ON DEMAND

Overview

The Earned Income Credit (EIC) is a critical aspect of tax filing, yet it’s often fraught with complexities and errors that can lead to IRS disallowances and penalties. This course, Inside the Earned Income Credit, directly addresses these challenges. Designed for tax professionals, it dives into the intricate rules of EIC, highlighting common errors and their consequences. The course elucidates EIC eligibility for all taxpayers, those with qualifying children, and taxpayers without qualifying children. We will also explore the rigorous due diligence requirements for tax return preparers, emphasizing best practices to avoid common pitfalls. By understanding these complexities, you’ll be equipped to accurately claim EIC for clients, minimizing errors and the risk of IRS disallowance. This course is not just about problem identification; it offers practical solutions and strategies to enhance compliance and accuracy in EIC claims, ultimately safeguarding both you and your clients from potential penalties.

Highlights

Eligibility to receive EIC. EIC rules applicable to everyone. EIC rules that apply only if the taxpayer has a qualifying child. Figuring the amount of the earned income credit. Incidence and factors leading to earned income credit errors. Common earned income credit errors. Claiming EIC after disallowance. Client consequences of EIC disallowance. Tax preparer due diligence a statutory requirement-IRC section 6695. Failure to meet due diligence requirements.

Prerequisites

None.

Designed For

CPAs.

Objectives

Recognize the EIC eligibility rules that apply to all taxpayers. Identify the EIC eligibility rules applicable to taxpayers who have a qualifying child. List the EIC eligibility rules that apply to taxpayers who do not have a qualifying child. Recognize how the EIC for which an eligible taxpayer qualifies is determined.

Preparation

None.

Notice

None.