Product Description
Delivery: Text Based
Instructor: WiseGuides
Credit Hours: 2
Field of Study: Federal Tax
Approval: IRS, CTEC
Course Description:
Earned Income Credit error rate remains high. Paid preparers submit about 66% of Earned Income
Credit (EIC) returns. IRS estimates that between 23% – 28% of the claims, or between $13 – $16 billion, is
paid in error. (Data per IRS website 3/6/2013.)
I.R.C. Section 6695(g) requires paid preparers to take extra steps to avoid EIC due diligence penalties. If
you can't recite and scrutinize the EIC "qualifying child" requirements and the current preparer EIC due
diligence requirements, perhaps your time will be well spent taking this course.
After completing this course you will be able to:
Determine who may claim the EIC
Determine which identification numbers can be used to qualify a taxpayer for the EIC instead of
a Social Security number
Identify the requirements for claiming the EIC if the taxpayer does not have a qualifying child
Identify the requirements for claiming the EIC if the taxpayer has a qualifying child
Determine when a child meets the residency test for purposes of the EIC
Identify who can treat a child as a qualifying child for EIC purpose
Determine what is earned income for the EIC
Determine which schedule and IRS worksheet is appropriate for claiming the Earned Income
Credit
Determine who can claim the credit
Identify how public assistance benefits are treated regarding eligibility for the Earned Income
Credit