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Professional Tax Software News & Advice

EITC Awareness Day

The Internal Revenue Service is partnering with community-based organizations across the country to promote the annual Earned Income Tax Credit Awareness Day, January 30, 2015, an effort to alert millions of low and moderate-income workers who may be missing out on a significant tax credit that can be worth up to $6,000. [More]

Report Shows IRS Made Errors on 24% of EITC Payments

Even though the Internal Revenue Service has reported an overall decline in the improper payment rate for the Earned Income Tax Credit since fiscal year 2003, the amount of payments made in error has increased from $10.5 billion in fiscal year 2003 to $14.5 billion in fiscal year 2013, according to a new government report. [More]

IRS Regulations Impose Strict Penalties on Tax Preparers for Inaccurate EITC Claims

The IRS is making major changes to the Paid Preparer's Earned Income Credit Checklist and is continuing to crack down on inaccurate Earned Income Tax Credit (EITC) claims. Make sure you know the Earned Income Tax Credit Due Diligence Requirements, because the consequences of incorrectly filing the EITC can have devastating effects on you, your employees, and your tax business. [More]