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

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