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PJW322 – Earned Income Credit

Course and Test $ 75.00
Course and Test PDF $ 55.00
Additional Hard Copy Test $ 12.00
Additional Online Test $ 12.00

 

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SKU: PJW322. Category: .

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CPE Credit Hours: 4

Field of Study: Tax

 

The Earned Income Credit (EIC) is a refundable tax credit that has a significant impact on United States revenue. In fact, EIC claims in any year generally total more than $60 billion.

EIC claims are also increasing in both number and amount . In the ten year period ending in 2010, the number of EIC claims increased from 19.6 million to 27.4 million, an increase of 39.8%. Not only had the number of claims for EIC increased over the period, the average credit per family also increased by 28.8%, from $1,704 at the beginning of the period to $2,194 in the year the 10-year period ended. The combination of an increased number of EIC claims coupled with an increase in the average credit caused the total amount of EIC claimed to skyrocket by 82.3% over the period from $33.4 billion to $60.9 billion.
In a recent year, 147.4 million individual federal tax returns were filed, and 24.4 million—16.6% of individual taxpayers—claimed the Earned Income Credit. Based on that percentage, it would not be unexpected that approximately one taxpayer in every six may claim the EIC.

Upon completion of this course, you should be able to:
• Apply the earned income credit rules to determine if a taxpayer is eligible for the tax credit;
• Identify the common errors committed in connection with the earned income credit;
• Describe the consequences of the IRS’ disallowance of the earned income credit; and
• Recognize the tax return preparer’s EIC due diligence requirements.

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This is a self-study CPE course.
Program level: Basic
Prerequisites: None
Advanced Preparation: None Required
Minimum Final Examination Passing Grade: 70%
Maximum Time Allowed To Complete Program: One Year From Date Of Purchase