The Earned Income Tax Credit (EITC) is a refundable tax credit that has a significant impact on the US Treasury’s revenue. EITC is also a source of a disproportionately large number of errors in tax returns. In this practical webinar, you will learn about the new regulations affecting tax returns that claim the EITC. You will also learn various best practices and interviewing tips to achieve compliance.
Among other things, you will learn about:
- EITC due diligence requirements
- EITC most common errors
- Using due diligence to avoid errors
- Consequences for non-compliant tax preparers, employers of preparers, and clients
Upon course completion, you will be able to:
- Identify the EITC eligibility rules that apply to all taxpayers, including taxpayers who have a qualifying child and taxpayers without a qualifying child
- List the most common EITC errors and their potential problem areas
- Determine the additional questions tax preparers need to ask if taxpayer-provided information appears incorrect, inconsistent, or incomplete
- Outline the due diligence requirements a tax return preparer must meet when preparing a tax return claiming the EITC
- Identify the records a tax return preparer is required to keep to support a client’s claim for the EITC
- Recall the penalties that may be imposed on a tax return preparer for failing to comply with due diligence requirements when preparing a client’s tax return claiming the EITC
- Cite the sanctions that may be imposed on an employer whose employee fails to comply with EITC due diligence requirements
- Determine the additional requirements imposed on taxpayers claiming the EITC following disallowance and the exceptions to those requirements
Prerequisites: None
Field of Study: Taxes – Technical, Accounting
Program Level: Intermediate
Credit Type: Group Internet-Based for the Live Program.
Stephen Jordan
For more than 38 years, Stephen B. Jordan, Enrolled Agent, has become an expert in the Accounting & Tax field. As an author, writer, speaker, radio guest on tax related topics, and a self-employed Accountant, Mr. Jordan reveals fast and effective answers for individuals and small business owners. Mr. Jordan holds a Masters in Taxation (MST) from William Howard Taft University.
CLE Credits (Law)
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In some CLE states, the course will be submitted to the bar after you register. If for any reason the course is not approved, we will fully refund your registration fee. If a state is listed on this course, then we are confident the course fits that state's standards and already is or will be approved for credit.
Accounting Credits
| Credit | Value | Field of Study | Format |
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Clear Law Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org. For more information regarding administrative policies such as complaint and refund, please see the tab above on our Money-Back Guarantee or contact us at 703-372-0550.
CPE Credit - Maximum Credit Hours: Please see above. You must attend at least 50 minutes to obtain credit. Fields of Study: Please see above. Teaching Method: Lecture. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state’s regulatory board.
Clear Law Institute has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.
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