Self-Study Course Details
The Earned Income Credit (EIC) is a refundable tax credit that has a significant impact on United States revenue. It is also the source of a disproportionately large number of errors in tax returns in which a claim for it is made. In a recent year, 150.3148.7 million individual federal tax returns were filed, and more than 27.4 million—18.2%19% claimed the Earned Income Credit. Based on that percentage, it would not be unexpected that, in the years ahead, approximately one taxpayer in every five will claim the EIC. Approximately 70% of federal income returns claiming the earned income credit are prepared by professional tax return preparers.
This course briefly summarizes the earned income credit rules, examines the common errors committed when claiming the credit, discusses the EIC due diligence requirements imposed on professional tax return preparers, and identifies the sanctions to which preparers and their employers may be subject for a failure to meet expected due diligence requirements.
 SOI Tax Stats-Individual Income Tax Returns may be accessed at: http://www.irs.gov/uac/SOI-Tax-Stats-Historical-Table-1. https://www.irs.gov/uac/soi-tax-stats-individual-income-tax-returns.
- Recognize the earned income credit eligibility rules
- Identify the common errors committed in connection with claiming the earned income credit
- Identify the consequences for the taxpayer of the IRS’ disallowance of the earned income credit
- Identify the tax return preparer’s earned income credit due diligence requirements;
- Recognize the sanctions that may be applied on a tax return preparer and his or her employer for a failure to meet due diligence requirements
Paul J. Winn CLU ChFc is a financial writer, editor and trainer in the insurance industry. Past positions have included product developer, compensation officer, marketing VP, VP of strategic planning as well as being President of Maryland Financial Corporation. Mr. Winn has served on multiple Insurance Industry Boards including Baltimore Chapter of CLU and ChFC and Member/Secretary, Advisory Board to New York State Insurance Department. He is well known as a writer and editor of major mutual life insurance company’s agent-training ”university” and has created more than 100 training/continuing education courses. He is also a published book author.
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Encoursa LLC is an IRS-approved continuing education provider. Provider #: KKRBE
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