Maximizing Benefits for Low-Income Earners

The Earned Income Tax Credit (EIC) is a refundable tax credit that significantly impacts U.S. revenue. In the 2020 tax year, the EIC amounted to about $60 billion claimed by more than 25 million tax filers. With 153.8 million individual federal tax returns filed in a recent year, 19.6 million (12.7%) of individual taxpayers claimed the EIC. Therefore, it is likely that any tax return preparer will handle many returns with EIC claims.

Key Areas Covered

This course will explore the rules and regulations surrounding the Earned Income Tax Credit. We will cover:

• Eligibility rules for the EIC
• Common errors made with EIC claims
• Consequences of the IRS disallowance of the EIC
• Due diligence requirements for tax return preparers regarding EIC

Learning Objectives

Upon completing this course, you should be able to:

• Apply the earned income credit rules to determine if a taxpayer is eligible for the tax credit
• Identify common errors committed in connection with the earned income credit
• Describe the consequences of the IRS’ disallowance of the earned income credit
• Recognize the tax return preparer’s EIC due diligence requirements

Ideal Audience for This Course

This course is ideal for tax professionals, including CPAs, tax preparers, and financial advisors. It is also beneficial for individuals who need to understand the EIC rules and requirements to maximize benefits for their clients. Enroll now to enhance your tax preparation skills and ensure compliance with EIC regulations.