EITC Due Diligence
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.com2 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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www.eitc.irs.govthe 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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www.irs.govBy 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),