Gain a better understanding of the rules governing the Earned Income Tax Credit (EITC).

This topic is geared to assist tax return preparers and payroll professionals in understanding the EITC and the due diligence requirements behind it. It discusses best practices under the regulations for preparing returns that claim the EITC.What You'll Learn:Background for the Earned Income Tax Credit

• History
  
• Policy Rationale

Eligibility to Claim the EITC

• Income Level
  
• Family Status
  
• Employment Status

Mechanism for Claiming the EITC

• Tax Return
  
• Timing

Duties of Tax Return Preparers in Connection With the EITC

• Due Diligence
  
• Sources of Information
  
• BProtection Against Potential Liabilities

Duties of Employers in Connection With the EITC

• Information Reporting
  
• General Withholding Obligations

Problems Presented by the COVID-19 Pandemic

• Late Filing
  
• Income Limitations
  
• IRS Return Processing Issues