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EITC Due Diligence

I EITC Due Diligence ii Copyright 2015 - 2021 by 1040 Education LLC ALL RIGHTS RESERVED. NO PART OF THIS COURSE MAY BE REPRODUCED IN ANY FORM OR BY ANY MEANS WITHOUT THE WRITTEN PERMISSION OF THE COPYRIGHT HOLDER. All materials relating to this course are copyrighted by 1040 Education LLC. Purchase of a course includes a license for one person to use the course materials. Absent specific written permission from the copyright holder, it is not permissible to distribute files containing course materials or printed versions of course materials to individuals who have not purchased the course.

The earned income credit rules tend to be fairly complex, and that complexity can result in errors that may be expensive for both the taxpayer and the tax return preparer. The rules concerning a taxpayer’s eligibility for the earned income credit include: • Rules that apply to everyone;

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Earned Income Credit - taxces.com

taxces.com

2 Chapter 1 – Earned Income Credit Rules Introduction The earned income credit—usually referred to simply as “EIC” or “EITC”—is a tax credit for certain low-income working taxpayers who meet income, filing status and other requirements.

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Form 8867 Paid Preparer's Earned Income Credit Checklist OMB No. 1545-1629 Department of the Treasury Internal Revenue Service To be completed by preparer and …

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By law, if you are paid to prepare a tax return or claim for refund claiming one or more of the following tax benefits, you must meet four due diligence requirements. The tax benefits are the earned income tax credit (EITC), the child tax credit (CTC), the additional child tax credit (ACTC), the credit for other dependents (ODC), the American opportunity tax credit (AOTC),

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the Earned Income Tax Credit (EITC), to also cover the Child Tax Credit (CTC) and the American Opportunity Tax Credit (AOTC). All paid tax return preparers who determine the eligibility for, or the amount of, the EITC, CTC or the AOTC are now subject to the refundable credit due diligence requirements and the penalties for failure to comply

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Earned Income Credit - taxces.com

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6. A signed copy of other state’s income tax return(s), if you claim credit for taxes paid to another state. Do use the amount NOT from your W-2 form(s). 7. A copy of Form 1100S, Schedule A-1, if you take a credit for taxes paid by an S corporation. 8. A copy of Form DE2210, pages 1 and 2, if you completed Part 3

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