The Earned Income Credit is a complicated credit, one that is erroneously claimed 25% of the time. The credit requires certain compliance actions by professionals to guarantee that their clients are qualified for the credit. This process is more complicated than it may seem.
The earned-income credit (EIC) is a refundable tax credit used to supplement the wages of low-income workers and help offset the effect of Social Security taxes. The earned-income credit (EIC) is a refundable tax credit that helps certain U.S. taxpayers with low earnings by reducing the amount of tax owed on a dollar-for-dollar basis. Taxpayers may be eligible for refunds if their tax credit exceeds their tax liability for the year Tax returns filed by tax preparers that include the earned income tax credit (EIC), a refundable income tax credit for working individuals and families whose earnings are under a certain income threshold, are commonly audited by the IRS and subject to additional due diligence requirements. To avoid being penalized by the IRS, it’s important to correctly calculate and claim this credit.
Why should you attend :
This webinar will teach the 15 rules created by the IRS to qualify for the Earned Income Credit, ensuring appropriate compliance. We will also cover form 8867 (Paid Preparers Due Diligence Check List) which is required to be completed. Penalties for failure to meet your due diligence requirements is $600 per violation.
Areas covered in the session:
15 rules of qualification created by the IRS related to EIC
? Completion of Form 8867 for compliance and due diligence
? To analyze changes in the Earned Income Credit for 2023 Tax Returns
? To discuss provisions regarding maximum adjusted gross income to qualify for EIC
Who should attend this:
CPAs,
Enrolled Agents,
AFSPs, Tax Firm,
Tax Practitioners and other Tax Professionals
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses. Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.
He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting.
Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa. Jason was born and raised in Iowa and has a degree in corporate communications and a post-graduate certificate in Accounting from Simpson College in Indianola. He has a big family that includes his wife, two sons, one cat and 2 dogs. His other hobbies include University of Iowa football and writing.
