EIC Eligibility and Due Diligence
The earned income tax credit (EIC) is a refundable tax credit that provides a tax break to taxpayers with low to moderate income. Tax professionals who prepare returns claiming the earned income tax credit (EIC) must comply with the IRS’s strict due diligence requirements for each return filed and understand the rules used to determine eligibility for the credit. Failing to comply with the due diligence requirement or filing a return that erroneously claims the EIC can lead to the preparer facing a penalty of $600 (2024) for each failure. This session provides tax preparers with the information they need to comply with due diligence requirements, determine whether a taxpayer qualifies for the EIC, calculate the proper credit amount and identify the penalties for incorrectly claiming the credit.
What’s Included:
- Video recording from webinar
- PowerPoint used by presenter
Access Content:
- Please complete the form below.
- Click submit.
- Once the former has been properly submitted, your webpage will be redirected to a link where you can view and download this content. We highly recommend bookmarking this page, so you can also access this content at a later time as needed.
Disclaimers:
By clicking ‘submit’ you agree to TaxAct’s Privacy Policy and Terms of Service. Contact information may be used for marketing communications by TaxAct Professional.
Opinions expressed by Jane Ryder are solely her own and do not necessarily express the views or opinions of TaxAct Professional. TaxAct is not responsible for, and expressly disclaims all liability and damages, of any kind arising out of use, reference to, or reliance on any third-party information.