December 18, 2013
As the 2014 filing season draws near, now is a good time to be reminded about the IRS EITC Central website and what valuable information it has to offer preparers that are completing returns claiming the Earned Income Tax Credit.
Here is an example of some of the useful information it contains:
These frequently asked preparer questions have been categorized into eight areas to help the preparer narrow down what they are interested in. The categories are Age, Relationship and Residency, Basic Qualifications, Due Diligence, Earned Income, Divorced and Separated Parents, Fraud, Qualifying Child of More than One Person, and Other EITC related questions.
When you click on a topic area it will display the preparer question and the IRS answer. As part of the answer the IRS has highlighted the newest due diligence requirements that were finalized at the end of 2011.
This section provides links to IRS EITC due diligence law and regulation explanation, the importance of Form 8867 (Paid Preparer's Earned Income Tax Checklist), the consequences of filing incorrect EITC returns, and other resources for the preparer to review that are related to their due diligence requirements when preparing returns that claim the Earned Income Tax Credit.
Included in this category is information about what the IRS is doing to educate preparers on the most common EITC errors and what compliance activities the IRS is performing.
Hot Topics provides preparers with information on what the IRS is presently doing in the EITC area. Here, you will find the latest information about the IRS educational letters and visits that take place each fall, information about due diligence audits that take place each fall, and more.
The IRS provides the following training programs and videos to help educate preparers on what their earned income tax credit due diligence requirements are:
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2018 Federal Return and Taxpayer Expectations
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Reminder of 2018 Itemized Deduction Changes
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Qualified Business Income Deduction (20% Deduction for Certain Pass-Through Income)
January 9, 2019